The government has confirmed that no decommissioning relief agreements were signed in the 2015/16 financial year. A total of 76 deeds have been entered into since October 2013.
The Bank Levy (Double Taxation Relief) (Single Resolution Fund Levy) Regulations, SI 2016/1212, provide for double taxation relief in relation to the UK bank levy and the EU single resolution fund levy with effect from 1 January 2016.
HMRC has published the Venture Capital Trust (Amendment) Regulations, SI 2016/1192, setting out new information and record keeping requirements affecting venture capital trusts (VCTs) from 31 December 2016, following changes introduced by Finance (No 2) Act 2015 Sch 5 and 6.
The Corporation Tax Act 2010 (Profits Arising from the Exploitation of Patents) Foreign Taxes Designation Regulations, SI 2016/1181, designate those foreign taxes in respect of which there is an intellectual property regime corresponding to the UK patent box.
The Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) (Amendment) Regulations, SI 2016/1182, extend for a further 20 years the interim regime which allows securitisation companies to continue basing their corporation tax computations on old UK G
The Companies Act 2006 (Distributions of Insurance Companies) Regulations, SI 2016/1194, set out a new methodology for insurers to segregate life and non-life business, following the implementation of the EU ‘Solvency 2’ directive, to ensure that firms only make distributions out of realised prof
The Van Benefit and Car and Van Fuel Benefit Order, SI 2016/1174, increases the multiplier figure used to calculate the cash equivalent of the benefit of fuel received by an employee for private motoring in a company car to £22,600 (currently £22,200) with effect from 6 April 2017.
HMRC has published revised advisory fuel rates for company cars, which apply from 1 December 2016. These rates are to be used only where employers either reimburse employees for business travel in company cars, or require employees to repay the cost of fuel used for private travel.
The amount of ‘tax under consideration’ by HMRC’s large business directorate has increased by 60% in the last year, to £3.8bn, according to Pinsent Masons. This is an estimate of the amount potentially at stake across all open enquiries involving the largest companies.
Andrew Goldstone and Charlie Sosna (Mishcon de Reya) review recent private client tax developments that matter.