The ATT highlights HMRC’s Autumn Budget 2024 consultation on Simplifying the Taxation of Offshore Interest. The consultation considers the challenges of offshore interest being reported to both taxpayers and HMRC on a calendar-year basis and the mismatch this creates with the UK tax year. One possible simplification could be taxing UK individuals based on the offshore interest arising in the 31 December year-end which falls within each UK tax year suggests the ATT.
HMRC appear open to the idea of further ‘formal consultation’ when specific measures have been put forward and before ‘development of new legislation to implement proposals’.
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The ATT highlights HMRC’s Autumn Budget 2024 consultation on Simplifying the Taxation of Offshore Interest. The consultation considers the challenges of offshore interest being reported to both taxpayers and HMRC on a calendar-year basis and the mismatch this creates with the UK tax year. One possible simplification could be taxing UK individuals based on the offshore interest arising in the 31 December year-end which falls within each UK tax year suggests the ATT.
HMRC appear open to the idea of further ‘formal consultation’ when specific measures have been put forward and before ‘development of new legislation to implement proposals’.
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
