Brussels is threatening the UK with court action over ‘illegal’ tax breaks. Andrew Parkes (Milestone International Tax Partners) explains.
Unlike the many uncertainties people and businesses face over Brexit the EU caused another one in July that will not be solved by canny negotiations between Michel Barnier and Dominic Raab (assuming that he is still the UK’s negotiator when you are reading this). In another twist this one may be of benefit to UK taxpayers while the EU Commission gets to tweak the tail of UK officialdom.
On 19 July the Commission announced its decision to send ‘letters of formal notice’ to the UK over two longstanding reliefs that it believes impinge upon the freedom of movement of capital (see bit.ly/2uySrqg). These reliefs are:
the ‘share loss relief’ (ITA 2007 s 134(5)) which allows capital losses made upon shares in...
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:
Brussels is threatening the UK with court action over ‘illegal’ tax breaks. Andrew Parkes (Milestone International Tax Partners) explains.
Unlike the many uncertainties people and businesses face over Brexit the EU caused another one in July that will not be solved by canny negotiations between Michel Barnier and Dominic Raab (assuming that he is still the UK’s negotiator when you are reading this). In another twist this one may be of benefit to UK taxpayers while the EU Commission gets to tweak the tail of UK officialdom.
On 19 July the Commission announced its decision to send ‘letters of formal notice’ to the UK over two longstanding reliefs that it believes impinge upon the freedom of movement of capital (see bit.ly/2uySrqg). These reliefs are:
the ‘share loss relief’ (ITA 2007 s 134(5)) which allows capital losses made upon shares in...
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:
