31/10/2014

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Hodge warns against countries adopting a ‘two-faced approach’ to tax policy

The chairman of the Commons Public Accounts Committee has warned against countries “adopting a two-faced approach” to tax policy by signing up to international standards while engaging in tax competition. Margaret Hodge, addressing the committee’s London conference on tax and globalisation, welcomed the UK government’s plans to stop companies moving profits offshore. Last month George […]

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30/10/2014

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OECD hails ‘game changer’ deal on evasion

Yesterday’s “massive” signing in Berlin of an agreement implementing the new OECD standard on automatic exchange of information is a “game changer” in the fight against tax evasion, said OECD secretary-general Angel Gurría. Read more at AccountingWEB.

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30/10/2014

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Cameron calls for ‘real debate’ on Welsh taxes

David Cameron has called for a “real debate” about tax-raising powers for Wales after he was challenged during Prime Minister’s Questions to ensure that Wales receives the same level of funding as Scotland. The Welsh government is consulting on the establishment of a Welsh revenue authority and arrangements for devolved taxes. Read more at AccountingWEB.

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30/10/2014

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Scottish tax rates will add complexity, MPs told

Further devolution of taxes to Scotland will create more complexity and anti-avoidance legislation will be needed to deal with cross-border issues, tax experts have told MPs. The House of Commons Treasury Committee launched an inquiry last week into proposals for further fiscal and economic devolution in Scotland. Read more at AccountingWEB.

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30/10/2014

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Tax bodies seek clarity on DOTAS proposals

Proposals to strengthen the disclosure of tax avoidance schemes (DOTAS) regime could catch a “mass population” of low-paid workers signed up to arrangements organised by their employers, the Chartered Institute of Taxation’s Low Incomes Tax Reform Group has warned. The CIOT itself said there was a need to re-examine how DOTAS operates given that the […]

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30/10/2014

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Earnings for universal credit: consultation

A committee advising the government on universal credit is seeking views on a proposal for large payments of earnings to be taken into account for more than one assessment period when a person reclaims the benefit. The measure involves a change to the calculation of self-employed earnings. Read more at AccountingWEB.

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30/10/2014

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HMRC withdraws ‘little used’ IR35 business tests

HMRC is to withdraw the business entity tests intended to help taxpayers assess whether they might be caught by the IR35 legislation, after a review conducted by the IR35 Forum found that the tests were used “very little” and were not fulfilling their intended purpose. Read more at AccountingWEB.

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24/10/2014

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Waiting for tax simplification

Jolyon Maugham’s blog is well worth following if you want to get behind some of the rhetoric and understand better why tax has become such a hot topic. Jolyon has done much to raise the level of the debate and his guest blogs are a welcome contribution. This post by PwC’s head of tax, Kevin Nicholson, discusses […]

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24/10/2014

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Scottish tax devolution: A very ambitious timetable

MPs on the House of Commons Treasury Committee will question tax experts on Tuesday, 28 October in the first evidence session in an inquiry, announced yesterday, into proposals for further fiscal and economic devolution in Scotland. Read more at AccountingWEB. Professional bodies have called on politicians to consider carefully the implications of further devolution of […]

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24/10/2014

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IBAs decision could support loss relief claims

A tribunal decision that a laundry was a commercial building in an enterprise zone for the purpose of a claim to industrial buildings allowances may improve the chances of a successful loss relief claim in cases where the taxpayer’s aim is to cover costs, tax experts have suggested. In this month’s edition of TAXtv, Tim […]

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