HMRC raised an additional £489m in corporation tax through investigations into SMEs in 2014/15, according to UHY Hacker Young. Between 2012/13 and 2013/14, SMEs’ share of the corporation tax gap as a proportion of corporation tax liabilities shrank from £2.1bn (11%) to £1.4bn (7%).
HMRC is consulting until 30 June 2016 on the draft Corporation Tax (Treatment of Unrelieved Surplus ACT) (Amendment) Regulations 2016, which make consequential amendments to the shadow ACT rules, to reflect the abolition of the dividend tax credit and the repeal of the term ‘franked investment in
Legislation in Finance Bill 2016 (clauses 33–35) amends the transactions in securities rules and introduces a new targeted anti-avoidance rule in connection with company distributions.
Financial secretary David Gauke has written to the Office of Tax Simplification (OTS) amplifying the announcements in the 2016 Budget about the OTS.
The government is consulting until 15 June 2016 on devising a prescribed set of categories for contributions companies could make to grassroots sports which would qualify for corporation tax deductions. The broad outline proposed is that, to be eligible, contributions would need to:
The EU’s ‘overreach’ on state aid has rankled the US tax authority, as Michael Lebovitz (White & Case) reports.
Corporation tax on VAT repayments
Pete Miller (The Miller Partnership) answers a query on whether entrepreneurs’ relief will be available when an industrial design company is sold in the future.