Michael Anderson explains the latest developments and summarises some of the cases in which judgments are awaited VAT focus
Baker Tilly observed that last year Cadbury paid UK corporation tax of around £197 million, and that the company has now announced plans to move its headquarters to Zurich ‘to take advantage of Switzerland’s more competitive tax regime’.
The total recorded yield from HMRC settlements relating to controlled foreign companies legislation in the financial years 2007/08 to 2009/10 is estimated at £719 million, David Gauke said in a Commons written answer.
Colin Hargreaves on the November 2010 CFC proposals
A competitive corporate tax system is not just about rates, the Treasury said as it launched five consultations.
The Government has estimated that there are 190 open HMRC enquiries under the controlled foreign companies legislation, said Mark Hoban in a Commons written answer.
Just three respondents in a Christian Aid survey of FTSE 100 companies supported new international accounting standards to require country by country reporting, but the charity has told Tax Journal that there is ‘a growing consensus’ on the need for greater transparency in tax.
Kevin Conway reviews tax issues on variations of the terms of financing arrangements
HMRC invited comments by 22 November on draft regulations dealing with ‘mismatches’ between the tax and accounting treatment of interest and other financing expenses.
Donald L Korb and James Gadwood examine this recent initiative and consider what it means for UK corporations