As Donald Trump’s inauguration day (January 20) approaches, many UK businesses which have invested in the US are awaiting further details on his tax plans, particularly those affecting multi-national businesses. In my blog on 15 November, I discussed how his proposals might affect the cash piles of US based multi-nationals; but what do they mean for UK based groups with large US subsidiaries?
Rt. Hon. Andrew Tyrie MP, Chairman of the Treasury Select Committee, has written to John Cullinane, Tax Policy Director of CIOT, setting out his proposals for strengthening scrutiny of the Finance Bill.
From April 2018, Land Transaction Tax (LTT) will replace UK Stamp Duty Land Tax (SDLT) in Wales. A number of suggestions by CIOT to make it work in practice have been included in recommendations in a Welsh Finance Committee report.
The Private Member’s Bill: Double Taxation Treaties (Developing Countries) Bill had its second reading in the Commons and was debated by MPs, on 16 December 2016. The Bill will place a duty on the Chancellor to align the outcomes of double taxation treaties with developing countries with the goal of the UK’s overseas development aid programme for reducing poverty and to report to Parliament about it.
The Public Accounts Committee are conducting an inquiry into high net worth individuals (HNWIs) and how HMRC deals with them. HMRC’s High Net Worth Unit raised £416m from its compliance work with this group in 2015–16 according to a report by the National Audit Office (NAO).
This is the summary of the first meeting of the All Party Parliamentary Group on Responsible Tax (the APPG), excluding its AGM, since it received submissions on its Inquiry into public confidence in HMRC’s capability to collect tax fairly and effectively. This is the second work stream of the APPG (following one on BEPS). This includes looking at customer service experience and how HMRC fights tax avoidance and evasion.
The Savings Bill will introduce the Lifetime ISA to help people save flexibly for the long-term and the Help to Save for people on low incomes who are saving up for a ‘rainy day’. This is a summary of the second sitting at Committee stage, where MPs heard from experts. Often the witnesses spoke about the two measures together.