Technical Updates

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 relief…

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 private…

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 decision to leave…

Please download the pdf to view the French Tax Data Card 2018.

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 charities…

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.

The latest reforms to the UK tax regime for foreign domiciliaries (“non-doms”) came into effect as expected on 6 April 2017. The new rules introduce two opportunities: to “cleanse” overseas mixed funds, and to “rebase” assets to their 5 April 2017 market value for capital gains tax purposes. Now that the second Finance Bill of 2017 has received Royal Assent, the rules are in their…

As part of a global effort to enhance tax transparency and combat tax evasion, we have seen the introduction of a number of regimes in recent years including the Foreign Account Tax Compliance Act and the Common Reporting Standard.  This effort shows no signs of abating with the European Union’s Fourth Anti-Money Laundering Directive (4AMLD) being the latest piece of…

For the largest companies (‘very large companies’), the tax instalment payment due dates will be 4 months earlier for accounting periods commencing on or after 1 April 2019.  This was first announced in the Summer Budget 2015 to have effect from 1 April 2017, but was later postponed. Under the new rules, quarterly tax payments will be due in months 3, 6, 9, 12, rather than…

Please click the download PDF button to view the UK Tax Data Card 2018/19. There is also a version of the tax data card which should be easier to read on a mobile device here.