The Cabinet Office has updated its guidance on best practice for procurement for public sector organisations. The revised guidance follows a new policy on the use of the procurement process to promote tax compliance, which has been applied since 1 April 2013 to all central government contracts of more than £5m.
Decrease in FTSE 100 tax rate stops
The average effective tax rate of FTSE 100 companies increased by more than a tenth over the last year, rising to 27.6% of profits, up from 24.5% and reversing a steady downward trend in the previous four years, according to UHY Hacker Young. The accountancy group claimed that the higher tax rate was partly due to large fines and compensation payments that several FTSE 100 companies have had to pay, which are not tax deductible, and was also caused by a less aggressive approach to tax planning.
Business rates review
The government has published the terms of reference for its post-2017 review of business rates in England.
Businesses supplying sports pitches and management services
Revenue & Customs Brief 8/2014 explains changes in HMRC’s policy on the VAT treatment of businesses providing sports pitches together with administration/management services for organised sports leagues and competitions. HMRC now accepts that such activities may, where operated in circumstances similar to those in Goals Soccer Centres PLC [2012] UKFTT 576 (TC), constitute separate exempt supplies of land and standard-rated supplies of administration services.
Stamp duty and SDRT exemption for exchange-traded funds
Following the announcement in the Autumn Statement, HMRC has now published draft regulations to exempt from stamp duty and SDRT transfers of interests in UK exchange-traded funds. HMRC is consulting on the draft SI until 13 March 2014. The regulations would come into effect in April 2014.
Free movement of goods
A report titled Review of the balance of competences between the UK and the EU – free movement of goods, led by HMRC (and other government departments), covers the history and legal framework of the free movement of goods in the single market and analyses its advantages and disadvantages. It also contains suggestions for its future.
Double taxation agreements
The UK/Norway and UK/Albania double taxation agreements came into effect on 17 and 30 December 2013 respectively. The UK/Zambia double taxation agreement was signed on 4 February 2014.
Transfer pricing
The EU Joint Transfer Pricing Forum has published a report providing practical guidance to avoid double taxation and double non-taxation in the application of transfer pricing compensating adjustments which can arise through different approaches to the arm’s length principle taken by different EU member states.
HMRC guidance
HMRC has also published the following guidance, which is available on its website:
updates to HMRC’s Capital Gains Manual;
Gambling tax reform 2014: Information note 2, providing administrative requirements for remote gambling operators in preparation for reformed tax changes to place of consumption, effective from 1 December 2014;
Notice 700/64: Motoring expenses;
Pensions Schemes Newsletter 60; and
details of an HMRC helpline for people affected by flooding.
Home >Articles > In brief: procurement; FTSE 100; business rates; sports pitches; exchange-traded funds; free movement of goods; DTAs; transfer pricing; guidance
In brief: procurement; FTSE 100; business rates; sports pitches; exchange-traded funds; free movement of goods; DTAs; transfer pricing; guidance
The Cabinet Office has updated its guidance on best practice for procurement for public sector organisations. The revised guidance follows a new policy on the use of the procurement process to promote tax compliance, which has been applied since 1 April 2013 to all central government contracts of more than £5m.
Decrease in FTSE 100 tax rate stops
The average effective tax rate of FTSE 100 companies increased by more than a tenth over the last year, rising to 27.6% of profits, up from 24.5% and reversing a steady downward trend in the previous four years, according to UHY Hacker Young. The accountancy group claimed that the higher tax rate was partly due to large fines and compensation payments that several FTSE 100 companies have had to pay, which are not tax deductible, and was also caused by a less aggressive approach to tax planning.
Business rates review
The government has published the terms of reference for its post-2017 review of business rates in England.
Businesses supplying sports pitches and management services
Revenue & Customs Brief 8/2014 explains changes in HMRC’s policy on the VAT treatment of businesses providing sports pitches together with administration/management services for organised sports leagues and competitions. HMRC now accepts that such activities may, where operated in circumstances similar to those in Goals Soccer Centres PLC [2012] UKFTT 576 (TC), constitute separate exempt supplies of land and standard-rated supplies of administration services.
Stamp duty and SDRT exemption for exchange-traded funds
Following the announcement in the Autumn Statement, HMRC has now published draft regulations to exempt from stamp duty and SDRT transfers of interests in UK exchange-traded funds. HMRC is consulting on the draft SI until 13 March 2014. The regulations would come into effect in April 2014.
Free movement of goods
A report titled Review of the balance of competences between the UK and the EU – free movement of goods, led by HMRC (and other government departments), covers the history and legal framework of the free movement of goods in the single market and analyses its advantages and disadvantages. It also contains suggestions for its future.
Double taxation agreements
The UK/Norway and UK/Albania double taxation agreements came into effect on 17 and 30 December 2013 respectively. The UK/Zambia double taxation agreement was signed on 4 February 2014.
Transfer pricing
The EU Joint Transfer Pricing Forum has published a report providing practical guidance to avoid double taxation and double non-taxation in the application of transfer pricing compensating adjustments which can arise through different approaches to the arm’s length principle taken by different EU member states.
HMRC guidance
HMRC has also published the following guidance, which is available on its website:
updates to HMRC’s Capital Gains Manual;
Gambling tax reform 2014: Information note 2, providing administrative requirements for remote gambling operators in preparation for reformed tax changes to place of consumption, effective from 1 December 2014;
Notice 700/64: Motoring expenses;
Pensions Schemes Newsletter 60; and
details of an HMRC helpline for people affected by flooding.
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