HMRC’s homage to Peter Falk with new 45% "special" CT rate

So the ink was almost dry on the Finance Bill. Then in a last minute move reminiscent of the late great Peter Falk playing Colombo, HMRC stopped and said “Oh, just one more thing…”

And that thing? An unexpected new tax (or rate of tax to be precise), intended by HMRC to avoid “an unfair tax advantage” being enjoyed by some.

New wide ranging tax proposals from the European Parliament

On 4 September the ECON Committee of the European Parliament published their draft report into “transparency, coordination and convergence” of the corporate tax system across Europe. It can be found here.

Improving Large Business Tax Compliance

Please see attached a piece I wrote for Tax Journal, published 31 July, on the new HMRC consultation document on Improving Large Business Tax Compliance.

LINK

Don't let Yoda talk about CBCR

With the new Star Wars movie due out later this year, no doubt our screens will soon be full of Star Wars related merchandising.

The idiosyncratic way Yoda speaks, which has remained amusing for 35 years, has been used to great effect by many. But please don't try it when taking about CBCR. That way peril lies!!

If at first you don’t sucCCCTB…

How similar are Chris Evans (newly announced presenter of BBC Top Gear) and David Gauke (UK Financial Secretary to the Treasury)? I know, a question we have asked all too often.

Later today the European Commission will provide more detail on a revival of the Common Consolidated Corporate Tax Base, or CCCTB.

Mention CCCTB to any tax professional who has been around for a while and you will get a similar response. Cue rolling of eyes and a little chuckle.  We’ve been here before. Or so we think.

What becomes of the broken haven?

Much of the current tax debate centres on the use of “tax havens” by certain multinational enterprises (“MNEs”). It is undeniable that some large corporates and high net worth individuals are using such jurisdictions to reduce their tax, hide illicit activity, or both.

And there are a number of initiatives aimed at tackling this. These include country-by-country reporting (“CBCR”) and information exchange agreements.

The aim? To eliminate nefarious activity, and ensure that activities are taxed in the right place, and to the right extent. And who will lose out? Evil MNEs of course. Anyone else?

The Tax Avoidance Magic Porridge Pot

The Magic Porridge Pot is a children’s story about a porridge pot which is magic. The clue is in the title. What is magic is that the porridge pot keeps refilling, however much you eat.