Tax News

• Tax-News.com: UK Launches Profit Diversion Compliance Facility For MNEs January 14, 2019
  HM Revenue and Customs has announced plans and guidance for a new Profit Diversion Compliance Facility, which is intended to support multinational companies concerned about their transfer pricing arrangements to resolve any issues with the tax agency.
• Tax-News.com: UK Legislates To Close Insurance VAT Loophole December 21, 2018
  On December 11, 2018, the UK Government tabled The Value Added Tax (Input Tax) (Specified Supplies) (Amendment) Order 2018 before the House of Commons to close a VAT avoidance loophole that is exploited by some UK insurers.
• Tax-News.com: Switzerland To Offer UK Equivalent Trade Terms After Brexit December 21, 2018
  The Swiss Federal Council has approved the text of a trade agreement with the UK that aims to maintain existing economic and trade relations after Brexit.
• Tax-News.com: ECJ Rules UK Can Unilaterally Ditch Brexit Plans December 14, 2018
  The European Court of Justice has ruled that the UK can unilaterally abandon the process of leaving the European Union, providing parliament approves the move.
• Tax-News.com: UK Consolidates No-Deal Brexit Tax Law Guidance December 7, 2018
  On November 27, 2018, the UK Government published consolidated guidance on the customs, VAT, and excise regulations that have been drafted to deal with the possibility that the UK may leave the EU on March 29, 2019, without a deal on a transition period that would delay Brexit until 2020.
• Tax-News.com: UK Urged To Push Back Making Tax Digital Agenda November 30, 2018
  In a new report released on November 22, 2018, the UK's Economic Affairs Committee called for a one-year delay to the implementation date of Making Tax Digital for VAT.
• Tax-News.com: UK Seeking To Encourage Audit Market Competition November 23, 2018
  Companies looking for auditing services may benefit from a more competitive market if changes are recommended as part of a recently launched Competition and Markets Authority (CMA) review into the industry.
• Tax-News.com: Brexit Withdrawal Agreement Put To UK Lawmakers November 23, 2018
  An agreement has been reached between the European Union and the United Kingdom on Brexit, which, if approved by UK lawmakers, would establish a transition period, until the end of 2020, during which EU law would continue to apply to the UK.
• Tax-News.com: UK To Shutter Second Home Tax Avoidance 'Loophole' November 9, 2018
  The UK Government has announced its intention to tackle the use of a commercial property tax (business rates) exemption, intended only for small businesses, by second-home owners to avoid paying residential property tax (Council Tax) on those homes.
• Tax-News.com: HMRC's Large Business Tax Inquiries Now Taking Three Years November 9, 2018
  The average length of HMRC's tax inquiries into large businesses are now taking more than three years to settle, with each case taking around 39 months to resolve in 2017/18, up from 34 months in 2016/17, according to Pinsent Masons, the international law firm.