The worldwide debt cap rules were repealed effective from 1 April 2017 and have been replaced by the new corporate interest expense rules.
The motivation behind the new rules is to restrict the amount of tax relief for interest expenditure claimed by large or multinational groups that are highly leveraged.
For companies that have a year-end spanning this commencement…
A recent court ruling in the Scottish Land Courts has provided food for thought for landowners operating contract farming arrangements. The case, Fyffe v Esslemont, was not primarily concerned with taxation but nonetheless provided interesting analysis on contract farming arrangements.
Prior to 1 April 2017, relief for carried-forward losses for companies was much more restricted than relief for losses arising in the current tax period.
In the current tax period, losses could generally be set against other forms of profits (“sideways loss relief”) and also relieved against profits in other group companies (“group relief”).
For carried-forward losses…
The substantial shareholding exemption rules broadly exempt from corporation tax the capital gain or capital loss arising on the disposal of a 10% or higher shareholding of ordinary share capital in a trading company.
The rules have been relaxed so the exemption will be available under wider circumstances with effect for disposals taking place after 1 April 2017.
The Government is to introduce laws to allow personal addresses to be removed from the publicly available information at Companies House. It is believed the laws will come into force by the end of summer 2018. The law is aimed at tackling fraudulent use of personal information.
Charitable Incorporated Organisations (CIOs) were introduced by the Charities Act 2011 and became available for new entities in 2013. Until recently, only unincorporated charities could convert into a CIO.
Since 1 January 2018, existing charitable companies have been able to convert into a CIO structure, which has led to a number of charities reassessing their…
Please click the download PDF button to view our latest UK Tax Data Card. There is also a version of the tax data card which should be easier to read on a mobile device here.
This UK Tax Data Card outlines key UK tax considerations for international…
The new General Data Protection Regulation (GDPR) will be introduced in the UK and the EU on May 25th 2018.
The rules replace the Data Protection Act (DPA).
The new regulation is intended to provide individuals with greater control over their data now that businesses are collecting more and more personal information.
The government has confirmed that the UK’s…
Recent legislation passed by parliament will allow charitable companies and community interest companies to convert to charitable incorporated organisations (CIOs).
CIOs were introduced by the Charities Act 2011. They offer the advantages of incorporation without the need to comply with Companies House requirements. Until recently only new or unincorporated…
The main package of changes to the taxation of non-doms took effect from 6 April 2017.
Further changes tightening up the anti-avoidance rules for non-UK trusts are expected to take effect from 6 April 2018.
The draft legislation for the 6 April 2018 changes has been included in a separate ‘Winter’ Finance Bill.