This publication is from our archive and no action should be taken in reliance on it without specific legal advice. You can see our latest publications here. Tax Aware Issue 3: October 2017 Post 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. Post 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. Post The new corporate interest restriction rules New rules are being introduced which impact UK companies that have interest or interest-like expenses. Post 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. Post 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. Post 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. Post 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. Subscribe Never miss a publication by signing up to our mailing list Subscribe Tax Aware: Subscribe
Post 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.
Post 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.
Post The new corporate interest restriction rules New rules are being introduced which impact UK companies that have interest or interest-like expenses.
Post 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.
Post 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.
Post 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.
Post 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.