Stories that are tagged 'United Kingdom'

	Gibraltar-Spain Tripartite Forum Abandoned? 5/16/2012 The Gibraltar government has said that the introduction of a new Spanish government of the People's Party has caused the disintegration of the tripartite forum between Spain, Gibraltar and the United Kingdom. The Forum had previously been credited with yielding improvements in relations between Gibraltar and Spain after more than a century of fractious relations.
	HMRC Expands RTI Pilot 5/11/2012 HM Revenue and Customs has announced the addition of a further 310 employer schemes to its Real Time Information pilot, which launched last month.
	UK Donations To Qualify For UK Top Up Payments 5/10/2012 Debate over the UK's reform of the tax treatment of charities continues, with news that charities will be able to claim top-up payments on certain small donations without needing donors to claim tax reliefs, and a new survey showing that a majority of peers object to plans to cap tax relief on donations.
	UK Peers Warn Over Transaction Tax Implications 5/9/2012 The UK’s House of Lords has once again attacked plans by the European Commission for a Europe-wide financial transaction tax, warning that if introduced, the UK could account for 71% of the revenue it would raise.
	IoM Will Not Follow UK's Lead On Taxing Business Jets 5/7/2012 The Isle of Man's Treasury Minister, Eddie Teare has confirmed that, despite the territory maintaining many similar elements to the United Kingdom tax regime, the island will not follow suit with the UK government's decision to begin taxing small business aircraft under the Air Passenger Duty regime.
	European Court Rules Software Functionality Not Copyright Protected 5/8/2012 In SAS Institute Inc. v. World Programming Ltd, the Court of Justice of the European Union has made an important ruling in that computer functions, programming languages, and data file formats could not qualify for copyright protection, and that only actual software code was eligible for copyright protection.
	HMRC Issues Electrician Amnesty Reminder 5/7/2012 HM Revenue and Customs has issued a reminder warning electricians that they have only a limited time left to register for a tax amnesty scheme that would allow them to pay any undisclosed tax owed.
	HMRC Increases Use Of Asset Seizure Powers 5/7/2012 The UK tax authority, HM Revenue and Customs is increasingly using its powers to seize businesses assets in order to recover unpaid value-added tax bills, new statistics show.
	IoM Welcomes CBI Endorsement 5/4/2012 The Isle of Man's Treasury Minister, Eddie Teare has welcomed further recognition of the role being played by competitive tax jurisdictions in supporting economic growth, in particular in the United Kingdom.
	HMRC Apologises For Self-Assessment Penalty Error 5/3/2012 The UK tax authority, HM Revenue and Customs, has apologised to taxpayers following the dispatch of incorrect penalty notices to individuals supposed to have been removed from its Self Assessment program.
	HMRC Will Not Appeal Stamp Duty Ruling 5/3/2012 The UK tax authority, HM Revenue and Customs, will no longer seek to impose Stamp Duty Reserve Tax on the issue of shares to depositary receipt issuers and clearance services outside the European Union following a recent legal ruling.
	HMRC Warned Of RTI Impact On Small Firms 5/1/2012 The Low Incomes Tax Reform Group has said that the UK tax authority, HM Revenue and Customs, has underestimated the impact of Real Time Information on small employers.
	IoM Discusses Clean Tech Prospects 4/30/2012 As part of its efforts to develop the Isle of Man into a hub for clean technology innovation, the Isle of Man government recently hosted round table discussions to consider the significant opportunities for offshore renewable energy and associated projects within the island's 4,000 sq km territorial waters in the Irish Sea.
	UK Consults On Corporate Governance Reforms 4/27/2012 The UK's Financial Reporting Council has launched a consultation on planned revisions to corporate governance and auditing rules intended to give effect to new company stewardship proposals.
	Low Tax Receipts Hike UK Borrowing Figures 4/27/2012 Weak tax receipts helped push up UK public sector borrowing in March, with large corporate tax repayments and no increase in value-added-tax receipts among the factors to blame.
	Swiss Parliament Adopts Tax Deal With Austria 4/25/2012 Switzerland’s Federal Council has recently adopted the text of the withholding tax agreement with Austria.
	London Invokes Clause To Improve Swiss Tax Deal 4/24/2012 In a diplomatic note, the UK has called for changes to be made to the bilateral withholding tax agreement concluded with Switzerland last October, aimed at resolving the issue of the undeclared wealth of British residents held in Swiss banks.
	Guernsey Fund Lists On LSE 4/24/2012 A Guernsey closed-ended investment company has been used by Blue Crest Capital Management in its Initial Public Offering of a fund on the London Stock Exchange Main Market, advised upon by Channel Islands law firm Carey Olsen.
	Committee Scrutinizes UK Top Tax Rate Cut 4/23/2012 The UK tax authority, HM Revenue and Customs, should publish a new assessment on the likely impact of lowering the UK's top rate of income tax, a group of lawmakers has said, warning that the costs and benefits of the measure are both highly uncertain.
	USPTO, UKIPO Issue Cooperation Progress Report 4/23/2012 A joint report published by the United Kingdom Intellectual Property Office and the United States Patent and Trademark Office confirms that both offices have been making efficient use of each other’s work, which has led to an improvement in the quality of patents being granted.
	Swiss Lawmakers To Examine German, UK Tax Deals 4/23/2012 The Swiss Federal Council has recently submitted to parliament the bilateral withholding tax agreements with Germany and the UK, together with the Federal Act on International Withholding Tax, designed to implement the new agreements.
	UK Government In Hot Water Over 'Pasty Tax' 4/20/2012 The UK government is again on the back foot over its proposed changes to value-added tax rules as the UK's bakers prepare to descend on Downing Street in protest against the so-called 'pasty tax', highlighting the often arbitrary and confusing nature of the classification of certain goods for VAT purposes.
	New UK Non-Dom Scheme Welcomed 4/18/2012 The UK's new 'non-dom' legislation provides potentially attractive relief, but investors must be aware of the complex rules, lawyers have warned.
	Charities Fear UK Tax Relief Cap 4/17/2012 Chief executives of the UK's top charities fear that the planned cap on tax relief will curb donations and have called on the government to scrap the proposals.
	Guernsey 'Singled Out' In UK QROPS Change 4/17/2012 Guernsey Finance, the promotional agency for the island's financial services industry, has condemned the UK tax authority's decision to remove almost all Guernsey Qualifying Recognised Overseas Pensions Schemes from its updated list, describing the move as an 'unjust attack on the island'.
	No Quick Fiscal Fix For Heavily-Indebted Nations 4/12/2012 The Organisation for Economic Cooperation and Development has published a new study, warning of the extraordinary measures that are required to achieve fiscal consolidation in many advanced nations, now also facing expenditure pressures from ageing populations.
	HMRC Launches 24-on-24 Webinar Programme 4/12/2012 HM Revenue and Customs' 'webinar' programme has been made available 24 hours a day, in a move designed to make information easier to access.
	Osborne 'Shocked' By UK Tax Dodging 4/13/2012 George Osborne has admitted to being 'shocked' by high levels of tax avoidance amongst the UK's wealthiest people, hinting at his support for a so-called 'tycoon tax'.
	HMRC Launches Bereavement Service 4/11/2012 HM Revenue and Customs is to improve and streamline its customer service programme by launching a Bereavement Service for taxpayers.
	HMRC Could Investigate Apple's UK Tax Affairs 4/11/2012 Just days after it emerged that Amazon was under investigation by the UK taxman, Apple has come under fire for its payment of just GBP10m in UK corporate tax.
	CIOT Expects UK-Swiss Tax Deal Re-Write 4/11/2012 Changes to the Swiss-German tax treaty could lead to higher charges for UK holders of undeclared Swiss bank accounts, the Chartered Institute of Taxation has warned.
	HMRC Publishes Guidance On Reduced IHT Rate Eligibility 4/11/2012 The UK tax authority, HM Revenue and Customs has released new guidance on eligibility for the new reduced rate of Inheritance Tax, introduced on April 6, 2012, and available where 10% of an estate is gifted to a registered charity.
	Manx Legislators Lag Behind QROPS Change 4/10/2012 Isle of Man pensions provider, Boal & Co has confirmed that it has been forced to cease offering its Trinity QROPS offering until Isle of Man legislation is brought up to speed with changes to UK pension rules.
	UK Taxpayers Educated On Working Tax Credit Changes 4/9/2012 The Low Incomes Tax Reform Group in the United Kingdom has warned a number of groups of tax credit claimants that they need to contact the UK tax authority, HM Revenue and Customs, if they want to continue to receive working tax credits, following the enactment of Budget provisions.
	UK Opposition Attacks New Tax Year Changes 4/10/2012 The Labour party's Ed Balls has slammed the latest round of tax and benefit changes to hit UK taxpayers, arguing that families with children are set to lose over GBP500 a year.
	UK Taxpayers Missing Out On Tax-Free Saving Opportunities 4/10/2012 New research from Standard Life says that a general lack of awareness about the UK tax system is preventing UK taxpayers from capitalising on tax relief available annually on contributions to Individual Savings Accounts (ISAs) and personal pensions.
	Guernsey Accepts Low Value Consignment Relief Ruling 4/9/2012 Guernsey's Policy Council has confirmed that it is not in Guernsey's best interests to appeal the decision of the High Court in London, which ruled that the United Kingdom's decision to revoke a generous value-added tax relief solely for the Channel Islands was consistent with European Union law.
	Amazon Challenged Over UK Corporate Tax 4/9/2012 HM Revenue and Customs is said to be investigating Amazon for its failure to pay adequate corporate tax on its UK sales.
	World Economic Forum Issues Global ICT Report 4/6/2012 The World Economic Forum, in collaboration with INSEAD, has issued the Global Information Technology Report for 2012, which is said to be the most comprehensive assessment of the preparedness of global economies to leverage the networked economy.
	UK, India Hold Economic And Financial Dialogue 4/6/2012 The UK and India have held their annual Economic and Financial Dialogue, discussing ways to strengthen cooperation and boost trade and investment.
	UK Overhauls Employment Tribunal Law 4/6/2012 Radical changes to the UK's employment laws come into effect this week, which the government says will cut unnecessary demands on employers, and encourage growth, while safeguarding workers’ rights.
	Channel Islands Will Not Appeal UK VAT Ruling 4/6/2012 The Jersey government has decided not appeal the decision of the High Court in London, which ruled that the United Kingdom government's decision to revoke Low-Value Consignment Relief (LVCR), a value-added tax concession, for the Channel Islands was consistent with European Union law.
	Schäuble Eyes EU Tax On Shares 4/4/2012 Given the ongoing staunch opposition from certain countries to the idea of a financial transactions tax in Europe, German Finance Minister Wolfgang Schäbule has put forward an alternative proposal, starting with a tax imposed on the stocks and shares of companies listed on the stock exchange.
	UK House Of Lords Slams FTT Proposals 4/3/2012 European plans for a Financial Transaction Tax place the City of London under severe threat, a group of UK lawmakers has warned.
	UK Legislates For Budget Tax Measures 4/2/2012 The UK government has published Finance Bill 2012, which legislates for tax measures included in both the 2012 and 2011 Budgets.
	HMRC Launches UK Tax Academy 3/30/2012 HM Revenue and Customs has launched a new Tax Academy in the UK, offering staff the chance to work towards two professional degrees.
	Jersey Assesses UK Stamp Duty Measures 3/29/2012 Jersey Finance, the agency responsible for the promoting the island's finance industry, has responded to measures in the UK budget which seek to prevent stamp duty tax avoidance on the purchase of high-value property in the UK via offshore company structures.
	Retailer Departs Guernsey Over VAT Relief Blow 3/29/2012 British high street store retailer HMV has announced that it will close its warehousing and distribution operations based in Guernsey following the confirmation from the UK government that it will remove Low-Value Consignment Relief for packages imported from the Channel Islands from April 1.
	HMRC Readies Businesses For Online VAT Returns 3/27/2012 HM Revenue and Customs has warned of big changes ahead, as it prepares businesses for the e-payment of value-added tax returns.
	UK Confirms Gambling Tax Changes 3/27/2012 Offshore gambling firms have been dealt a blow in the United Kingdom's latest Budget which amends the tax rules applicable to the supply of gambling services to the UK market. Wagers will now be taxed on a point-of-consumption basis, bringing offshore operators under the UK tax net.
	Turks And Caicos On The Mend After Fiscal Reform 3/23/2012 The Chief Financial Officer of the Turks and Caicos Islands interim government, Hugh McGarel-Groves, has reported significant progress towards correcting the territory's deficit after a raft of measures introduced last year.
	Switzerland, UK Supplement Withholding Tax Agreement 3/23/2012 Switzerland and the United Kingdom have recently signed in Brussels a Protocol of Amendment that supplements the withholding tax agreement of October 6, 2011.
	UK Budget Delivers Tax Cuts 3/23/2012 George Osborne has delivered a Budget that ‘unashamedly backs business’, slashing the top rate of personal income tax and accelerating corporate tax cuts.
	UK To Give Shareholders More Say On Bosses' Pay 3/22/2012 New reforms proposed by the UK government will enhance shareholder company rights in order to provide greater influence over executive pay.
	UK To Overhaul Competition Regulation 3/21/2012 The UK is to establish a single Competition and Markets Authority, which the government says will simplify and strengthen the competition landscape.
	UK Court Winds Up 'Tax Umbrella' Services Firm 3/20/2012 Reed Umbrella Ltd, which serviced a discredited 'tax umbrella' scheme for the self-employed, has been wound up in the UK High Court in the public interest following an investigation by Company Investigations, part of The UK Insolvency Service.
	Channel Islands Fail To Overturn UK VAT Decision 3/21/2012 The governments of the Channel Islands have announced their 'disappointment' at the findings of the UK High Court, in response to the islands' joint challenge to the United Kingdom government's decision to remove long-standing value-added tax concessions crucial to the islands' fulfilment industries.
	EU Consults On State Support For Film Finance 3/21/2012 The European Commission has launched a consultation on the state aid criteria it proposes to use to assess proposals from member states to provide tax relief and other concessions to film financiers.
	UK Launches E-Sellers Tax Amnesty 3/19/2012 The UK tax authority, HM Revenue and Customs, has launched another tax amnesty scheme, this time targeting online marketplace sellers.
	APD Sapping UK Economy, Report Argues 3/16/2012 Scrapping the Air Passenger Duty would help UK job creation and boost the economy, according to the World Travel and Tourism Council.
	Families To Lose Most From UK Tax Changes 3/15/2012 Households with children are set to lose the most from the UK's forthcoming tax and benefit changes, the Institute for Fiscal Studies has said.
	UK Pension Industry Calls For Tax Stability 3/16/2012 There should be no further changes to the UK pension tax system, the head of the National Association of Pension Funds has warned the Chancellor of the Exchequer.
	EU Divided Over FTT 3/15/2012 Despite months of ongoing discussions, Europe remains divided and seemingly no further forward on the controversial issue of a financial transactions tax.
	Panel Makes UK Pension Tax Recommendations 3/15/2012 The UK's Office of Tax Simplification has released the initial findings of its review of pensioner taxation, identifying areas of the tax system causing older taxpayers the most difficulties.
	Deputy PM Backs UK 'Tycoon Tax' 3/13/2012 The UK's Deputy Prime Minister Nick Clegg has voiced his support for a 'tycoon tax', with a minimum tax rate enshrined in legislation to make sure everyone pays a 'fair share'.
	Tax Simplification Body Reviews UK Share Schemes 3/14/2012 The Office of Tax Simplification has put forward its recommendations on UK tax advantaged share schemes, designed to encourage take up, and reduce the burdens on those offering the schemes.
	High Court Hears Channel Islands' LVCR Challenge 3/13/2012 A two-day hearing at the High Court in London began on March 13, 2012, to hear the arguments of lawyers representing the Channel Islands in their challenge to the scheduled removal of the United Kingdom's Low-Value Consignment Relief for the islands' fulfilment industries from April 1, 2012.
	UK Fiscal Watchdog Praises HMRC Compliance Efforts 3/13/2012 HM Revenue and Customs secured an additional GBP4.32bn (USD6.77bn) tax yield over the past five years thanks to a major tax evasion initiative, according to figures from the National Audit Office, which also found that HMRC had successfully reduced staff numbers and introduced a range of improvements in its compliance work.
	London Mayor Urges Closure Of Stamp Duty Loophole 3/12/2012 London's Mayor Boris Johnson has called for the closure of a stamp duty loophole he says is costing the Exchequer GBP1bn (USD1.6bn) a year.
	Britons Will Overpay GBP12.6bn In Tax This Year 3/12/2012 UK taxpayers will overpay an average of GBP421 in tax this year, with 85% failing to act on reducing their tax bill, according to new figures.
	Jersey Reports Record Tax Compliance Figures 3/9/2012 Jersey’s Tax Office has reported an all-time high tax collection rate of 99.6% for 2011, markedly higher than that of the United Kingdom last year, which recorded a rate of around 96%.
	UK Opens German Patent Highway 3/8/2012 The UK and Germany have launched a one year pilot scheme designed to speed up the processing of patent applications.
	Tax Ruling Boosts UK Holiday Let Owners 3/9/2012 HM Revenue and Customs has lost another key court case, with the passage of a tribunal decision that will permit holiday let owners across the UK to claim Business Property Relief for inheritance tax purposes.
	Coalition In Talks To Scrap UK's Top Tax Rate 3/8/2012 There is a 'very broad understanding' within the coalition that the UK's top rate of income tax will be scrapped, the Business Secretary has confirmed. His hopes to see a mansion tax introduced may however be hit by new research showing that the case for the levy is far weaker than it at first appears.
	UK Financial Reporting Body To Revise Auditing Rules 3/7/2012 The Auditing Practices Board of the UK Financial Reporting Council has proposed revisions to the International Standards on Auditing, which were issued as part of the 'Clarity Project', to ensure that they can be introduced throughout both UK and Ireland for entities undertaking auditing activities.
	BT, Talk Talk Lose UK File-Sharing Appeal 3/7/2012 On March 6, 2012, two of the UK's largest internet service providers, British Telecommunications and Talk Talk, lost their court appeal against the controversial Digital Economy Act 2010, which contains provisions designed to crack down on copyright theft over the internet, is contrary to European Union law.
	UK Panel Recommends Small Business Tax Reforms 3/8/2012 Practical changes to the UK's tax system will help ease the burdens imposed on small businesses, the Office of Tax Simplification has said.
	FRC Proposes 2015 Delivery Of Accounting Standards 3/6/2012 The UK Financial Reporting Council, setting out its priorities and funding for 2012/13, has said set a 2015 deadline for the entry into force of a new UK accounting framework, UK Generally Accepted Accounting Principles.
	DIFC Boosts Collaboration With London 3/6/2012 The Dubai International Financial Centre and a body representing London's City have signed a new partnership agreement designed to boost collaboration between the financial centres.
	'Cut 50% Tax Rate', SMEs Tell UK Chancellor 3/6/2012 The sooner the UK's top rate of income tax is scrapped, the better, a group of small and medium-sized enterprise leaders have told the Chancellor of the Exchequer.
	Irish Austerity Hits Wealthiest Hardest 3/2/2012 While Ireland's recent indirect tax hikes and welfare cuts have hit those on lower incomes hardest, in the longer term higher earners have borne the brunt of change, the Economic and Social Research Institute has said.
	Hollande, Miliband Hold Tax Talks 3/2/2012 During a recent meeting in London with the leader of the UK Labour Party Ed Miliband, French presidential candidate François Hollande, currently championing the introduction of a European tax on financial transactions, called for more rigorous financial market regulation, while insisting, however, that he would not be 'dangerous' for the City.
	Carey Olsen Top Offshore Adviser For FTSE100 3/5/2012 Channel Islands law firm Carey Olsen has announced that it was the only offshore law firm to be ranked in the top 10 alongside UK and International law firms for the total number of stock market clients in the Q1 2012 All Market Edition of The Morningstar Professional Services Ranking Guide.
	HMRC Responds To Transparency Concerns 3/5/2012 The UK tax authority HM Revenue and Customs claims that new governance arrangements will bring greater transparency, scrutiny and accountability to significant tax disputes.
	Barclays Responds To Tax Controversy 2/29/2012 While Barclays has confirmed that it is the bank at the centre of what HM Revenue and Customs has called two abusive tax avoidance schemes, it has stressed that it 'takes its responsibilities as a corporate citizen very seriously' and complies 'with the letter and spirit of all our obligations' under the UK banking code of conduct.
	UK QROPS Proposals 'Grossly Unfair On Guernsey' 2/29/2012 Changes to tax regulations that aim to clamp down on the mis-selling of qualifying recognized overseas pension schemes will disproportionately affect Guernsey, which has a completely clean QROPS record with the UK tax authority, HM Revenue and Customs, according to a leading Guernsey QROPS provider.
	UK Blocks Tax Avoidance Scheme 2/28/2012 The UK has taken steps to close what it calls two highly abusive tax avoidance schemes, disclosed to HM Revenue and Customs by a bank.
	UK Tax Revenues Below Expectations 2/28/2012 Growth in the UK's tax revenues was significantly lower than forecast, largely due to a fall in value added tax and weak self-assessment receipts.
	IoM Mulls FATCA Implications 2/28/2012 The Isle of Man government has announced that it may work with a number of other countries in order to help reduce the compliance burden of the United States Foreign Account Tax Compliance Act on the jurisdiction's financial services industry.
	CBI Issues UK Budget Wishlist 2/27/2012 Changes to the UK's tax system could help generate investment and stimulate growth, the Confederation of British Industry argues in its 2012 Budget submission.
	UK Launches More Tax Taskforces 2/27/2012 The UK's HM Revenue and Customs will launch thirty new taskforces as it sets its sights on generating GBP50m from tax evasion crack-downs this year alone.
	UK To Cash In On Falklands Oil Discovery 2/24/2012 The governments of the Falkland Islands and the United Kingdom stand to benefit from as much as USD167bn in windfall taxes according to a new report on oil and gas deposits thought to lie in the maritime area surrounding the Falkland Islands.
	Tax Breaks Can Boost SME Funding, Says CBI 2/23/2012 The UK's small and medium-sized enterprises need improved access to more varied sources of finance, the Confederation of British Industry has said, suggesting the government introduce new tax incentives.
	UK Accredits New Lenders For SME Financing Scheme 2/22/2012 The UK government has approved the participation of four new lenders in its Enterprise Finance Guarantee, which provides help to small and medium-sized enterprises.
	UK Insurers Braced For FATCA Impact 2/23/2012 Proposed US regulations will impact on UK insurers in spite of hopes that they might have been excluded from the Foreign Account Tax Compliance Act regime.
	UK Backs Revised FATF Standards 2/23/2012 The UK has announced its support for the Financial Action Task Force's new standards to combat money laundering and terrorist financing.
	UK, Singapore Ink DTA Protocol 2/22/2012 The UK and Singapore have signed a second protocol to their existing Double Taxation Agreement, amending withholding tax rates.
	UK Late Filing Penalty Regime Kicks In 2/21/2012 850,000 UK taxpayers will feel the force of HM Revenue and Customs's new penalty regime in the coming weeks, as the first penalties are issued.
	Isle Of Man Banking Deposits Fall 6.4% In 2011 2/20/2012 The Isle of Man government has published a report on the territory's banking sector and its performance during 2011.
	UK Inheritance Tax Changes To Hit More People 2/17/2012 Changes to the UK's inheritance tax threshold could see more people becoming liable for the levy, chartered accountancy firm Midgley Snelling has warned.

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