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Autumn Statement 2023: life sciences businesses to benefit from R&D tax changes

An enhanced 27% tax credit will be available to small or medium enterprises (SMEs) that spend 30% of total expenditure on qualifying R&D.

VAT on UK commercial property transactions

VAT is often recoverable for businesses

Can Double Tax Treaties Take a 'Bite' Out of the US Net Investment Income Tax?

The court's dicta also seems to open the door for using the Three Bite Rule to advance other varieties of freestanding treaty-based foreign tax credit arguments.

Offshore non-compliance and HMRC's Worldwide Disclosure Facility – Traps for the unwary

This effort has been carried out in conjunction with an increase of direct requests to foreign tax authorities with respect to the affairs of UK tax residents, again significantly up as against the previous year.

British Virgin Islands Removed from EU Tax Blacklist

HMRC updates guidance on governance of UK tax disputes

The recent updates to the guidance represent a fairly substantial reorganisation of the locations of the parts of the guidance

HMRC collects £70m from multinationals via profit diversion compliance facility

The UK’s tax regime prevents this by applying the amount of profit or loss that would have been made between unconnected parties for tax purposes.

Plastic packaging imports fall in first year of UK tax

The tax is calculated on a fixed amount per tonne.

Maples Group's International Tax Teams Recognised for Excellence by International Tax Review

This achievement highlights the firm's expertise and focus on providing high-quality, multi-jurisdictional tax advice and transactional support to clients.

Bermuda Considers Introducing Corporate Income Tax on Multi-National Enterprises

Bermuda’s proposed corporate income tax on MNEs signifies a transformative moment in its tax policy.

Government of Bermuda Consulting on Possible Introduction of Corporate Income Tax

Taxes paid under the proposed Bermuda corporate income tax regime would be those that would otherwise be payable to other jurisdictions under the OECD global minimum tax framework.

VAT insights - August 2023

A round up of the Simmons & Simmons insights on VAT developments over the last month.

More holistic incentives and regulatory clarity needed in HK’s family office push

Helen points out that it is often the personal factors such as how easy it is to get visas for the family and the pathway to obtain permanent residency that “move the needle” for family offices.

UK VAT recovery allowed on professional services incurred on corporate fundraising disposal

Tax expert Eloise Walker of Pinsent Masons said: “This is a welcome development, and not so specific in its facts that it is not capable of more general application.”

UK inheritance tax: A reminder of the key concepts and principles

There has been some speculation in the UK press about whether a future Conservative government might scrap UK inheritance tax but what is inheritance tax and how might you be affected?

New UK R&D tax scheme ‘should not be rushed’

The proposed new scheme is based on the existing Research and Development Expenditure Credit

Non-dom regime: reform, replace or abolish?

Without doubt, the most radical option for the next government would be to abolish the non-dom regime altogether without adopting any alternative system.

‘Absolute candour’ demanded by HMRC to avoid UK tax fraud prosecution

HMRC said the CDF was a “vital tool” against tax fraud which enabled officials to recoup millions of pounds for the taxpayer without having to resort to costly criminal prosecutions.

Canadian financial interest in UK oil field not subject to UK tax

RBC wrote off the original loan to Sulpetro as a bad debt and treated the payments received from the Buchan field as recoveries of that bad debt, which were treated as taxable income in Canada.

New Philanthropy Tax Incentive Scheme for Singapore Family Offices & Changes to the Fund Tax Exemption Regimes with effect from 5 July 2023

Both of these changes, announced by the Monetary Authority of Singapore ('MAS') on 5 July 2023, are summarised in this article.