Tax First December: News, events and change in tax

 

In this issue December issue we start by looking at a potential opportunity to reclaim 1.5% stamp duty.

 

The High Court recently granted PwC Legal the right to lead a group litigation order (GLO) for reclaims of stamp duties. This follows the European Court of Justice’s decision in the case of HSBC Holdings plc & Vidacos Nominees Ltd v HMRC.

 

We also look at the major consultation document on corporation tax reform announced in the Chancellor’s Autumn Statement.

 

We also analyse the latest regulations to deal with mismatches in the debt cap rules and two accounting issues with tax impacts.

 

Changes have been made to IFRS 9, setting new standards for financial liabilities. Proposed changes to accounting for leases may well be met by tax changes in the UK. This may lead to a difference between tax and accounts figures - with a consequent impact on deferred tax.

 

The European Court of Justice recently delivered a surprising decision in the case of AXA UK plc, stating that the operation of a payment plan isn’t necessarily an exempt financial service. We ask how this decision could affect VAT exemption for your business.

 

Our latest review examines how FTSE 350 companies communicate their tax affairs. With the increasing focus on tax transparency, many large organisations are talking about their tax affairs in a more open and transparent way. You can download the tax transparency report in full here.