Tax First January: News, events and change in tax
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Our Tax First newsletter provides tax professionals with a round-up of the past month's major financial news and a calendar of useful diary dates.
There’s been considerable media coverage and political discussion in recent months around the need to tackle tax avoidance. In this edition, we look at the potential impact of a general anti-avoidance rule (GAAR) and examine the proposals that were put forward by Graham Aaronson QC’s report into a narrowly focused GAAR.
The Government have also called for greater transparency for executive remuneration and increased powers for shareholders to have their say on what senior management are paid. You can find out more in the recording of our recent webcast on this topic.
Germany and the UK have drawn up a treaty around the double charging of bank levies. If you’re a UK-based bank, this will be of interest as the treaty will apply retrospectively and can look as far back as 1 January 2011.
On 12 January 2012, the Advocate General (AG) gave her opinion in the Littlewoods case. The case revolves around whether you can claim greater compound interest on reclaimed VAT than the simple interest ordinarily payable under the VAT Act. The AG stated that she believes that compound interest may be available for VAT claims if it’s available for ‘similar domestic claims’. If the EU court follows her advice, this may provide a significant opportunity, if your business has a potential claim.
The introduction of Solvency II-type rules considerable implications for pensions plans. The proposals made by the EU could have an impact not only for defined benefit schemes but any occupational pension provision. We outline what you can do to protect your pensions provision.
