Schemes involving business premises renovation allowance (BPRA) have been reported to HMRC through the disclosure of tax avoidance schemes regime and included on the department’s Spotlight service that provides details of abusive arrangements.
The BPRA is intended to support the regeneration of deprived regions of the UK by allowing business investors to claim a tax allowance for 100% of the amount they invest in converting or renovating empty premises.
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The UK and USA have updated annex II of their agreement to implement the Foreign Account Tax Compliance Act (FATCA).
The move will see a wider range of financial institutions and products become effectively exempt from FATCA’s requirements. The revised annex also provides greater clarity on the categories of bodies that will be non-reporting UK financial institutions treated as deemed-compliant.
Advisers may need to drop clients in the aftermath of the Mehjoo case
Lough Erne declaration will require sustained effort, leaders warned
A radical new approach to address high-profile tax avoidance
HMRC to tackle Project 2010
R Bretten (TC2604)
P Degorce (TC2593)
Abbeyland Ltd (TC2693)
HMRC have launched a consultation on the avoidance of National Insurance (NI) and employment taxes by using offshore employers of workers based in the UK.
The document, Offshore Employment Intermediaries, is in two parts. The first is a technical look at creating an income tax and NI charge on offshore employers and moving the charge to an onshore engager of the labour if the employer fails to pay. Draft legislation will be published shortly.
The recruitment process for people wishing to apply to join the initial general anti-abuse rule (GAAR) advisory panel has begun. It will oversee the Revenue’s GAAR guidance, and provide opinions on cases where tax department believes the rule may apply.
Patrick Mears, former head of tax at Allen & Overy, chairs the panel. He took up his appointment in April and is leading the work to recruit members.