The government makes its own decisions on tax policy and does not take lectures from big business, the CBI’s Director General has told a BBC Panorama programme investigating ‘massive tax savings’ made by multinationals through transactions with Luxembourg subsidiaries.
As Sara Luder explains, the UK is not alone in its struggle to craft an EU compliant CFC regime.
Chris Morgan provides your update on developments in international tax, including recent examples of overseas tax authorities clamping down on tax avoidance.
Coverage in the ‘quality’ newspapers of last week’s well-attended launch of the CBI’s tax campaign appears to have been l
A special low rate of UK corporation tax on finance profits from overseas financing within multinational groups will offer a ‘very significant’ benefit to groups setting up a structure that represents, according to a leading tax expert, ‘almost government-approved tax avoidance’.
HM Treasury has published a ‘non-exhaustive list’ of changes made to draft legislation on controlled foreign companies between the February 2012 update and the Finance Bill published on 29 March.
‘It looks to me like the triumph of big business – or rather the triumph of the Treasury's view of what big businesses need and want.
Helen Lethaby provides your monthly update, which includes coverage of the government’s action to close down ‘abusive’ debt buyback planning retrospectively and the appointment of the new Assurance Commissioner to oversee large tax settlements.
Sara-Jane Donovan and Jennifer Pearce examine the latest update from the government on the new controlled foreign companies regime. Is the gate now open for multinationals?
An updated ‘Gateway’ features in HM Treasury’s latest update on CFC reform, published yesterday.