Tax treatment of compensation for missold financial products
HMRC has issued Notice 1001 to explain the rules that apply to charities eligible for refunds of VAT under VATA 1994, s 33C and s 33D. Qualifying charities can claim a refund of VAT incurred on most goods and services supplied to them on or after 1 April 2015 and which relate to their non-business activities. The charity does have to be VAT registered.
The Commons debate of Finance (No 2) Bill 2015
Does the cancellation of a R&D project mean tax relief must be clawed back?
What are the implications of a company’s move from trading to investment?
Spring Capital Ltd (TC4273)
Implications of a gift of shares and share buy-back
Will a cosmetic transfer of funds result in adverse corporation tax consequences?
PAC also critical of reliefs cost data
Pyreos Ltd (TC4328)
Can a director withdraw company funds and invest them as its agent?
HMRC recovered £1.1bn tax from transfer pricing enquiries during 2013/14, double the amount collected the previous year, according to official statistics.
Financial secretary to the Treasury David Gauke claimed the increase was due to the additional funding given to the Revenue “to challenge multinational groups to ensure the rules are followed and the right tax paid”.
The specialist HMRC unit that examines pricing within multinationals has secured a total of £5.8bn in tax since being launched in 2008.