INTRODUCTION Over the past two years over sixty countries have been working together to identify gaps in international tax rules that allow multinational corporations to legally but artificially shift profits to low or no-tax jurisdictions. It is … [Read More...]
INTRODUCTION Over the past two years over sixty countries have been working together to identify gaps in international tax rules that allow multinational corporations to legally but artificially shift profits to low or no-tax jurisdictions. It is estimated that tax losses from BEPS amount to 4%-10% of global corporate income tax revenues (conservatively estimated to be $100-240bn annually). On 5th October, the OECD presented its final package of measures to deal with BEPS. These measures are to be discussed further by G20 Finance Ministers on 8 October with the aim of generating co-ordinated reform of international tax rules. The UK has taken a proactive stance to BEPS and has already introduced legislation around some of the recommendations. It has also taken a rather broad brush approach with the introduction of the diverted profits tax (DPT) legislation (see below). Furthermore, HMRC are in the process of setting up a DPT governance process and a specialist team to apply … [Read More...]
With huge pension reforms in place and lots of opportunities for savers, we’re pleased to see National Pension Awareness Day is hitting the Press today. We’re working with our clients to help them make the most of the changes and plan for the future they want. Here are some tips from Scottish Widows to celebrate Pension Awareness Day: Don’t rush decisions First, remember to take your time. You have a lot to consider with a variety of savings options and new Pensions Freedoms. It’s important you don’t feel pressurised when deciding what to do, especially as some decisions can’t be changed. You could spend a long time retired – nearly one in five people currently in the UK will live to see their 100th birthday. Source: Age UK. Make use of the help available to you To help you understand your choices there’s a lot of support available online and in person. Do your homework and read all the information offered. We can arrange a free and impartial initial consultation to help you … [Read More...]
On Friday 27th March 2015, HMRC finally released the long anticipated CASC guidance notes, found at the link below, in relation to the new rules which will officially come into action on 1st April 2015. https://www.gov.uk/government/publications/community-amateur-sports-clubs-detailed-guidance-notes/community-amateur-sports-clubs-detailed-guidance-notes The guidance notes were as expected with some helpful examples included to demonstrate ways in which current registered CASCs could adapt certain aspects of their club in order to remain compliant with the new requirements. For example, the guidance provides detailed examples of ways which golf clubs could adapt their membership fees in order to enable those golf clubs with fees higher than the new £520 annual limit to remain a CASC. The guidance also sets out methods which HMRC would find acceptable as methods for CASCs to keep records of their members who “participate” in the sport, to assist those clubs with … [Read More...]
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