The European Commission has initiated infringement proceedings in respect of share loss relief and CGT relief for irrecoverable loans to traders, and has escalated proceedings on an aspect of the UK’s administration of the VAT mini one-stop-shop.
The European Commission has initiated infringement proceedings in respect of share loss relief and CGT relief for irrecoverable loans to traders, and has escalated proceedings on an aspect of the UK’s administration of the VAT mini one-stop-shop.
The Commission’s July infringement package sets out why, in the Commission’s view, the UK has failed to comply with its obligations under EU law (see https://bit.ly/2uySrqg).
Commenting on the commencement of infringement proceedings against the two UK tax reliefs, Andrew Parkes, tax director at Milestone International Tax Partners, said: ‘This is clearly a case of sour grapes from the EU. The provision regarding income tax breaks for investors has not been altered in over five years, while that for capital gains loss relief has not been for ten. Why then should the EU choose to raise them now? The real question is whether these announcements are connected to the Brexit negotiations or simply the Commission trying to get as much against the UK as it can before we leave.’
Separately, HM Treasury has also announced that the Commission has sent a reasoned opinion in respect of the UK’s zero-rating for certain commodity derivatives under the VAT (Terminal Markets) Order, SI 1973/193. This is a follow-up to the Commission’s letter of formal notice issued in March.
The European Commission has initiated infringement proceedings in respect of share loss relief and CGT relief for irrecoverable loans to traders, and has escalated proceedings on an aspect of the UK’s administration of the VAT mini one-stop-shop.
The European Commission has initiated infringement proceedings in respect of share loss relief and CGT relief for irrecoverable loans to traders, and has escalated proceedings on an aspect of the UK’s administration of the VAT mini one-stop-shop.
The Commission’s July infringement package sets out why, in the Commission’s view, the UK has failed to comply with its obligations under EU law (see https://bit.ly/2uySrqg).
Commenting on the commencement of infringement proceedings against the two UK tax reliefs, Andrew Parkes, tax director at Milestone International Tax Partners, said: ‘This is clearly a case of sour grapes from the EU. The provision regarding income tax breaks for investors has not been altered in over five years, while that for capital gains loss relief has not been for ten. Why then should the EU choose to raise them now? The real question is whether these announcements are connected to the Brexit negotiations or simply the Commission trying to get as much against the UK as it can before we leave.’
Separately, HM Treasury has also announced that the Commission has sent a reasoned opinion in respect of the UK’s zero-rating for certain commodity derivatives under the VAT (Terminal Markets) Order, SI 1973/193. This is a follow-up to the Commission’s letter of formal notice issued in March.