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UK tax treatment of REITs

Qualifying property companies can elect for REIT status.

Report on use of financial institution notices (FIN) published

They are one of HMRC’s tools for obtaining information about a person’s tax affairs.

Tax and the British Virgin Islands: Separating Myth From Reality

The reality is that the British Virgin Islands has a robust anti-money-laundering and anti- terrorist-financing regime through the enactment of the Proceeds of Criminal Conduct Act 1997

The UK's diverted profits tax regime

The rate differential between DPT and corporation tax means that affected companies will often seek to restructure their operations to pay more corporation tax, rather than paying DPT.

IR35: taxation of off-payroll workers explained

The new rules have created significant cost and compliance challenges for businesses that rely heavily on a flexible workforce.

Waqar Shah and Tabassum Khan for Taxation Magazine on the CJEU GE Aircraft Engine Services Ltd decision

The ruling was a success for the Mishcon de Reya Tax Disputes team and is significant in setting out the CJEU's position on the VAT implications for the supply of vouchers from a taxable person to its staff.

VAT: changes in processing option to tax forms

From February 2023, HMRC will only issue an automated acknowledgement of receipt of a notification of an option to tax sent by email.

Tax analysis advised in Luxembourg after Budget law passed

The changes affect Luxembourg tax transparent entities operating in Luxembourg with foreign shareholders where those shareholders hold at least 50% of voting rights or capital in the Luxembourg entity or hold entitlements to at least 50% of its profits.

UK corporation tax group relief

It does not look at capital losses, which are subject to different rules.

Corporate Alternative Minimum Tax: US Treasury, IRS Release Interim Guidance

Even though several important questions remain unanswered, the Notice provides welcome guidance on many critical issues as taxpayers evaluate the impact of the CAMT on their financial reporting and estimated tax payments for the first quarter of 2023.

New VAT penalty regimes

Under the new regime, if a person fails to make a VAT return on time, that person is liable to one late submission penalty point for the relevant group of returns.

Dentons Eric Silwamba, Jalasi & Linyama provide an article on Corporate Tax to International Comparative Legal Guide

Corporate Tax 2023 Publication

UK tax deductions not available on costs associated with disposal of a business

This decision upheld part of an earlier Upper Tribunal (UT) decision, which also concluded that the expenses were expenses of management, but overturned the UT’s conclusion that the expenses were not of a capital nature.

Important changes planned for Italy's real estate tax framework

Capital gains resulting from the disposal of companies or other entities, wherever they are located, which hold Italian property may become taxable in Italy.

UAE’s corporate tax exemption for investment funds ‘a welcome relief’

This will include UAE companies that are incorporated or managed and controlled in the UAE, as well as some entities in free zones.

Lower VAT rates to apply in Luxembourg in 2023

The changes were ratified by the Council of State last month and will take effect from 1 January 2023 until 31 December 2023.

HMRC taxpayer information notices

HMRC is not required to make an informal request prior to issuing a Schedule 36 notice, so in some circumstances, HMRC may consider it more appropriate to simply issue a Schedule 36 notice straight away.

Autumn Statement: tax reform must align with UK’s net zero agenda, say experts

In a report earlier this year, the Climate Change Committee urged the government to undertake a net zero tax review to establish how the tax system can best support the transition to net zero.

UK adopts further international exchange of information on tax matters

The UK has signed up to two new multi-lateral competent authority agreements (MCAA) for the automatic exchange of information about two different categories of international activity.

Lack of evidence signals the failure of historic VAT claim

They concluded that NHS Lothian did not have sufficient evidence to support its ‘Fleming’ claim for under-recovered input tax.