There were few surprises for the banking sector in last week's Budget with almost all of the main measures having been pre-announced or widely trailed in advance.
Foreign profits
The Budget provided welcome clarification of a number of points arising from the reform of the taxation of foreign profits. It is greatly to the Treasury and HMRC's credit that they have taken in ongoing feedback received and achieved much more workable legislation as a result. Since 31 July 2009 most dividends received by UK companies are tax exempt. Recently doubts have been expressed as to whether dividends paid out of capital qualify for this exemption. Legislation will be introduced to confirm that the exemption applies. A number of changes are made to the debt cap some of which had been announced in November 2009 with draft legislation produced at the...
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There were few surprises for the banking sector in last week's Budget with almost all of the main measures having been pre-announced or widely trailed in advance.
Foreign profits
The Budget provided welcome clarification of a number of points arising from the reform of the taxation of foreign profits. It is greatly to the Treasury and HMRC's credit that they have taken in ongoing feedback received and achieved much more workable legislation as a result. Since 31 July 2009 most dividends received by UK companies are tax exempt. Recently doubts have been expressed as to whether dividends paid out of capital qualify for this exemption. Legislation will be introduced to confirm that the exemption applies. A number of changes are made to the debt cap some of which had been announced in November 2009 with draft legislation produced at the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
