Transfer pricing: comparability data and developing countries
The OECD has published a paper, prepared by the OECD Secretariat in conjunction with the Task Force on Tax and Development, which sets out and discusses possible approaches to addressing the concerns over the lack of data on comparables that have been expressed by developing countries. It is an interim draft that has been released to obtain comments, suggestions and prioritisation of the potential measures identified in the paper.
Guidance notes for charities
HMRC has published detailed guidance notes for charities. Their stated purpose is to ‘outline how the tax system works for charities’. The notes cover both direct taxes and VAT. They include, for instance, applications for recognition as a charity for tax purposes, exhaustive guidance on all aspects of gift aid for individuals and companies (including VAT), payroll giving, relief on donations of lands, buildings, shares and securities to charities, claims and returns by charities, HMRC audits, the gift aid small donations schemes (which enables charities to claim a top-up payment equivalent to gift aid on small donations) and tax exemptions.
National Savings ISA limits
The National Savings Bank (Investments Deposits) (Limits) (Amendment) Order, SI 2014/484, coming into force on 6 April 2014, removes the requirement to amend the principal order to specify the annual ISA subscription limit for the National Savings and Investment’s Direct ISA, since the limits are now set out in the ISA terms and conditions.
BEPS update
The OECD has held two regional consultations for the Asia-Pacific and Latin American-Caribbean regions. The events were organised with regional partners – the Korean Policy Centre (Tax Programme) and CIAT – and focused on discussion of BEPS issues for partner countries in the regions and how the current work in the context of the OECD/G20 project on BEPS should take those into account, with a particular focus on developing countries.
Exchanges of information
HMRC has published draft orders which implement amendments to the UK/Anguilla, UK/BVI (British Virgin Islands), UK/Turks and Caicos Islands and UK/Gibraltar agreements on exchanges of tax information. The amendments provide for both automatic and spontaneous exchanges of information. HMRC has also published a draft order to give effect to the UK/Uruguay Tax Information Exchange Agreement which was signed last October. The agreement provides for the exchange of tax information upon request.
Crown dependencies and Gibraltar
HM Treasury has published the International Tax Compliance (Crown Dependencies and Gibraltar) Regulations, SI 2014/520, which implements the FATCA-style international tax compliance agreements between the UK and the Isle of Man, Guernsey, Jersey and Gibraltar, signed in October/November 2013. The regulations come into force on 31 March 2014.
Transfer pricing: comparability data and developing countries
The OECD has published a paper, prepared by the OECD Secretariat in conjunction with the Task Force on Tax and Development, which sets out and discusses possible approaches to addressing the concerns over the lack of data on comparables that have been expressed by developing countries. It is an interim draft that has been released to obtain comments, suggestions and prioritisation of the potential measures identified in the paper.
Guidance notes for charities
HMRC has published detailed guidance notes for charities. Their stated purpose is to ‘outline how the tax system works for charities’. The notes cover both direct taxes and VAT. They include, for instance, applications for recognition as a charity for tax purposes, exhaustive guidance on all aspects of gift aid for individuals and companies (including VAT), payroll giving, relief on donations of lands, buildings, shares and securities to charities, claims and returns by charities, HMRC audits, the gift aid small donations schemes (which enables charities to claim a top-up payment equivalent to gift aid on small donations) and tax exemptions.
National Savings ISA limits
The National Savings Bank (Investments Deposits) (Limits) (Amendment) Order, SI 2014/484, coming into force on 6 April 2014, removes the requirement to amend the principal order to specify the annual ISA subscription limit for the National Savings and Investment’s Direct ISA, since the limits are now set out in the ISA terms and conditions.
BEPS update
The OECD has held two regional consultations for the Asia-Pacific and Latin American-Caribbean regions. The events were organised with regional partners – the Korean Policy Centre (Tax Programme) and CIAT – and focused on discussion of BEPS issues for partner countries in the regions and how the current work in the context of the OECD/G20 project on BEPS should take those into account, with a particular focus on developing countries.
Exchanges of information
HMRC has published draft orders which implement amendments to the UK/Anguilla, UK/BVI (British Virgin Islands), UK/Turks and Caicos Islands and UK/Gibraltar agreements on exchanges of tax information. The amendments provide for both automatic and spontaneous exchanges of information. HMRC has also published a draft order to give effect to the UK/Uruguay Tax Information Exchange Agreement which was signed last October. The agreement provides for the exchange of tax information upon request.
Crown dependencies and Gibraltar
HM Treasury has published the International Tax Compliance (Crown Dependencies and Gibraltar) Regulations, SI 2014/520, which implements the FATCA-style international tax compliance agreements between the UK and the Isle of Man, Guernsey, Jersey and Gibraltar, signed in October/November 2013. The regulations come into force on 31 March 2014.
