Tax First May 2009 |
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May 2009
In this issue, we cover the main points of the Chancellor’s Budget and the changes published in Finance Bill 2009. We also highlight the recent Senior Accounting Officer sign-off legislation and explain how the rules are to be narrowed.
The risk section looks at the imbalance between HMRC’s automatic right of enquiry into a tax return and the process attaching to a taxpayer’s right to seek closure of such an enquiry.
The banking and capital markets section looks at the effects of changes to both corporation tax and personal tax, and the finance and treasury section covers the taxation of foreign profits.
In indirect tax this month, we consider the effects of HMRC’s overhaul of the VAT penalty legislation. Finally, we examine how the increased income tax burden for higher earners announced in the Budget will affect expatriates and their employers in our human resources section.
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Tax First May 2009
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