Tax First July: News, events and change in tax

 

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.

 

In the July edition of Tax First we’ll be looking at the next stages in the corporate tax reform programme. We’ll give you an overview of the proposed controlled foreign companies (CFCs) rules, adjustments to the research and development tax credit, the introduction of a Patent Box regime and the potential impact on the corporation tax paid by your business.

 

There have also been changes to the foreign branch exemption rules in Finance (No. 3) Bill 2010-11. We outline the new guidance which addresses issues around the anti-diversion rule, anti-avoidance on branch transfers, interaction with intangibles and interaction with capital gains rules. We also look at the debt cap issues which are addressed in a new technical note and examine the recent amendments to the computational currency rules contained in the Finance Bill.

 

Alongside the corporate tax reforms, there have also been proposals for changes to the UK residency rules for non-domiciled individuals. We highlight the potential changes to the treatment of your tax of you’re not domiciled in the UK.

 

Trading blocs worldwide have been introducing schemes to ensure the safety and security of the supply chains in their jurisdictions. We underline how, if you want to make the most of these schemes, you’ll need to operate robust procedures and controls over customs activities. We also draw attention to HM Treasury’s current consultation on the design of the proposed machine gaming duty, a tax based on the net takings from most play-on gaming machines.

 

Tax First will be taking a short break over August, but we’ll be back in September with all the most up-to-date tax news and hot topics.