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Tax Aware
Issue 3

Clarification of the tax treatment of partnerships

Draft legislation was published on 13 September 2017 which clarifies the rules for the allocation and calculation of partnership profits and sets out the requirements for certain partnership returns.

Automatic Exchange of Information takes place under CRS

The UK, together with 48 other jurisdictions, started to exchange information under the Common Reporting Standard (CRS) for the first time last week.

The new corporate interest restriction rules

New rules are being introduced which impact UK companies that have interest or interest-like expenses.

HMRC targets enablers of tax avoidance schemes

HMRC's list of powers to tackle tax avoidance continues to grow, with the introduction of a new offence targeted at persons who "enable" tax avoidance.

Failure to prevent the facilitation of tax evasion: two new criminal offences

Two new highly publicised offences of the failure to prevent the facilitation of tax evasion came into force on 30 September 2017.

GAAR Advisory Panel supports HMRC in its first published opinion

The independent GAAR Advisory Panel was set up in 2013 to provide guidance and non-binding opinions on cases where HMRC considers that the General Anti-Abuse Rules (GAAR) may apply.

Making Tax Digital: modernising tax administration

Draft legislation was published on 13 September in respect of income tax and an overview of draft regulations in respect of VAT as part of the Making Tax Digital reforms.