Corporate Taxes

Further directions issued today by the President of the First-tier tax tribunal, Judge Sinfield, to the Tax Chamber and Tribunal users extending, in relation to certain proceedings, the general stay of all proceedings released on 24 March (as amended and released on 26 March).

HM Revenue and Customs welcome views on the tax issues arising from the reform of LIBOR (London Inter-bank Offered Rate) and other benchmark rates.

Following the announcement at the Budget that the government would delay the implementation of the PAYE cap on the payable tax credit in the SME R&D scheme until 1 April 2021, the government has published a Summary of responses to last years’ consultation and a Second consultation.

As announced at Spring Budget 2020, the government is pursuing a review of the UK funds regime. This review will consider taxation and relevant areas of regulation to ensure the ongoing competitiveness and sustainability of the UK regime as it applies to a fundamental area of the financial services sector. The government made two specific announcements at Spring Budget 2020. The first is a review of the VAT charged on fund management fees. The second is this consultation, which seeks to gather evidence and explore the attractiveness of the UK as a location for the intermediate entities through which alternative funds hold fund assets.