Corporate Taxes

 


This was a fairly quiet conference on the tax front for the Conservatives, new announcements limited to a stamp duty increase for foreign buyers, edging a little closer to a Digital Services Tax, tweaks to the apprenticeship levy and another year of a fuel duty freeze. Various outriders would like to see more radical changes though – especially corporation tax cuts – and there are hints these might be considered depending on the outcome of the Brexit process.

Chancellor Philip Hammond said in his Conservative Conference speech that Britain will unilaterally implement a digital service tax if there is no international agreement soon on how to tax big internet companies, blaming US tax reforms for slow multilateral progress. Speaking at a CIOT/IFS fringe debate at Conservative conference the next day, titled ‘What does fair business taxation look like in a digital world?’ Tax Minister Mel Stride said to ‘expect some things coming down the line’ from the Treasury on Hammond’s pledge.

The CIOT comments sent to HMRC on Carried forward corporation tax losses: compliance obligations.

The CIOT comments sent to HMRC/HMT on Corporate tax and the digital economy.

The CIOT comments sent to HMRC on FB 2018-19 Clause 6 Schedules 1-2 Disposal of assets by non-UK residents and payments on account.

Following discussions between CIOT and HMRC over the last few months, HMRC have made some changes to their guidance in the Company Taxation Manual on the Targeted Anti-Avoidance Rule (TAAR) contained in s396B ITTOIA 2005.  

The CIOT comments on the EU Commission Recommendation relating to the corporate taxation of a significant digital presence.

The CIOT comments on the EU Proposal for a Council Directive on the common system of a digital services tax on revenues resulting from the provision of certain digital services.

The CIOT comments sent to HMRC on Review of the corporate intangible fixed assets regime.

The CIOT comments sent to HMT on Financing growth in innovative firms: Enterprise Investment Scheme knowledge-intensive fund.