The Finance Bill expands the UK’s implementation of the OECD’s Pillar Two framework, introducing the Undertaxed Profits Rule (UTPR) from December 31, 2024. This complements the existing Income Inclusion Rule (IIR), creating a comprehensive minimum tax regime for large multinational enterprises. ...
Finance Bill 2024-25 progress On 10 and 11 December, the Committee of the whole House debated Finance Bill provisions relating to capital gains tax rates and relief, oil and gas, VAT on private schools and SDLT. No amendments were made. The remaining clauses will be considered by a Publi...
Focuses on the reaction of tax specialists and corporate taxpayers to measures under the British Finance Bill released in Great Britain on April 8, 2004. Purpose of the introduction of transfer pricing rules to domestic and cross-border transactions; Position of companies and advisers regarding the ...
Starting on 6 April 2024, the deadline for reporting the grant of an EMI option to HMRC will be extended (from the current deadline of 92 days from grant) to 6 July following the end of the tax year.This amendment is expected to be included in the draft Finance Bill 2024, which will...
As announced in the government’s Growth Plan 2022 on 23 September 2022, the Office of Tax Simplification (OTS) will be closed when the Spring Finance Bill 2023 receives Royal Assent. The OTS is the independent adviser to the government on simplifying the UK tax system which has operated for...
The UK Government proposed further amendments last week to the 2015 Summer Finance Bill which affect UK investment management professionals. The bulk of the carried interest provisions will apply with effect from 8th July 2015, with some of the recent changes only applying from 22n...
on their pension surplus will need to consider the tax accounting impact of this change from both a disclosure and quantum perspective. This measure will be legislated for via Statutory Instrument and therefore substantive enactment will not occur at the same time as the Autumn Finance Bill. ...
(i.e. treated as immediately taxable income), rather than reducing the balance of the pool. To prevent abuse of the new measures, the Finance Bill provides that if assets, for which a “super deduction” was previously claimed, is disposed of on or before to 31 March 2023, an additional...
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