Employee benefit schemes case goes to Supreme Court
Employee benefit schemes case goes to Supreme Court
HMRC has been granted leave to appeal the Court of Appeal’s decision in DB Group Services (UK) Ltd v HMRC and HMRC v UBS AG [2014] EWCA Civ 452. That case concerned employee benefit schemes implemented by UBS and Deutsche Bank to limit their liability to income tax and NICs on the payment of bonuses.
Recognised stock exchanges
HMRC has updated its lists of recognised stock exchanges. Recognition under ITA 2007 s 1005 is for tax purposes only and confers no other status on the exchange concerned. It does not constitute any form of recognition or approval for regulatory or other purposes; nor does it provide any form of approval or recommendation of any of the investments which are listed or traded on that exchange. Whether or not a security is traded on a ‘recognised stock exchange’ constitutes a qualifying criterion for certain tax purposes, including ISA eligibility, alternative finance investment bonds and venture capital reliefs.
Bank levy: UK/Netherlands double tax treaty
HMRC has announced that the UK/Netherlands double taxation convention and protocol in respect of bank taxes entered into force on 30 April 2015 and, in accordance with article 8 of the convention, they have effect from 1 January 2011. The Bank Levy (Double Taxation Arrangements) (Netherlands) Regulations, SI 2015/344, came into force on 17 March 2015 and have effect from 1 January 2011. They provide the mechanism for relieving double taxation under the convention and protocol.
FATCA: Kuwait signs US IGA
Kuwait has announced it has officially signed a Foreign Accounts Tax Compliance Act (FATCA) intergovernmental agreement (IGA) with the US, based on a model 1B IGA. The jurisdiction had previously reached an agreement in substance with the US for a model 1A IGA, and the US Treasury had treated Kuwait as having an IGA in effect from 1 May 2014.
HMRC guidance
The following has been published:
Notice 1001: VAT refund scheme for certain charities;
Notice CCL1: A general guide to climate change levy;
Notice CCL1/6: Guide to the carbon price floor;
Factsheet CC/FS18a: Compliance checks – late filing penalties;
Factsheet CC/FS23: Compliance checks – third party information notices;
updated guidance on the LDF;
guidance on changes to the 2014/15 trust and estate tax return; and
guidance on completing 2015/16 unauthorised unit trust tax returns.
Employee benefit schemes case goes to Supreme Court
Employee benefit schemes case goes to Supreme Court
HMRC has been granted leave to appeal the Court of Appeal’s decision in DB Group Services (UK) Ltd v HMRC and HMRC v UBS AG [2014] EWCA Civ 452. That case concerned employee benefit schemes implemented by UBS and Deutsche Bank to limit their liability to income tax and NICs on the payment of bonuses.
Recognised stock exchanges
HMRC has updated its lists of recognised stock exchanges. Recognition under ITA 2007 s 1005 is for tax purposes only and confers no other status on the exchange concerned. It does not constitute any form of recognition or approval for regulatory or other purposes; nor does it provide any form of approval or recommendation of any of the investments which are listed or traded on that exchange. Whether or not a security is traded on a ‘recognised stock exchange’ constitutes a qualifying criterion for certain tax purposes, including ISA eligibility, alternative finance investment bonds and venture capital reliefs.
Bank levy: UK/Netherlands double tax treaty
HMRC has announced that the UK/Netherlands double taxation convention and protocol in respect of bank taxes entered into force on 30 April 2015 and, in accordance with article 8 of the convention, they have effect from 1 January 2011. The Bank Levy (Double Taxation Arrangements) (Netherlands) Regulations, SI 2015/344, came into force on 17 March 2015 and have effect from 1 January 2011. They provide the mechanism for relieving double taxation under the convention and protocol.
FATCA: Kuwait signs US IGA
Kuwait has announced it has officially signed a Foreign Accounts Tax Compliance Act (FATCA) intergovernmental agreement (IGA) with the US, based on a model 1B IGA. The jurisdiction had previously reached an agreement in substance with the US for a model 1A IGA, and the US Treasury had treated Kuwait as having an IGA in effect from 1 May 2014.
HMRC guidance
The following has been published:
Notice 1001: VAT refund scheme for certain charities;
Notice CCL1: A general guide to climate change levy;
Notice CCL1/6: Guide to the carbon price floor;
Factsheet CC/FS18a: Compliance checks – late filing penalties;
Factsheet CC/FS23: Compliance checks – third party information notices;
updated guidance on the LDF;
guidance on changes to the 2014/15 trust and estate tax return; and
guidance on completing 2015/16 unauthorised unit trust tax returns.
