Tax voice May 2017

This month’s tax voice features investment funds, a country by country wake up call, substantial shareholding exit rule changes and HMRC tax penalties not as straightforward as it seems.

Explaining investment funds

13 May 2017

When investing in collective investments or funds, the tax you pay can vary substantially depending on the choices you make. We can’t tell you which funds to pick to make your fortune, but we can answer some common questions about how they work.

HMRC tax penalties - not as straightforward as it seems

13 May 2017

There is no doubt HMRC has become more focused and aggressive in its approach to penalties. In fact, it is safe to say penalties is an area that takes a significant amount of an adviser’s discussion and review time to ensure that HMRC is working within the parameters set, and that clients are not being overly penalised.

Country by country reporting wake up call

13 May 2017

It has been five years since George Osborne and his G7 counterparts kick-started the overhaul of the international tax system, leading to the OECD’s base erosion and profit shifting (BEPS) action plan. Companies that are part of multinational groups now need to take action to comply with updated UK legislation concerning perhaps the most far reaching consequence of BEPS – country by country (CbC) reporting

Proposed substantial shareholding exit rules changes offer interesting tax planning options

13 May 2017

For some time the UK tax system has afforded a tax exemption – called the substantial shareholding exemption (SSE) – to provide a complete exemption from tax on profits made by corporate shareholders on the disposal of shares in trading companies.