While the UK tax system can nearly always be described as being in a state of flux, the level of transformation we have seen in recent years, and are still experiencing, is something entirely different.
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HM Revenue & Customs is in the middle of a huge tax grab as it proceeds with its incessant clampdown on any form of tax avoidance, blurring the line between criminal evasion and aggressive tax planning.
On the other side of the coin, HMRC is trying its best to improve the much criticised service it provides to business and maintain the UK’s position as a tax-advantageous location for companies to operate out of. The recent announcement by Gordon Brown in almost certainly his last Budget of a cut in corporation tax to 28% may help HMRC part of the way in achieving this goal but it may not tip the scales.
The problem is that much tax law is now decided outside these shores, with the European Court of Justice playing just as much of an active role as a lawmaker. Six huge challenges to the UK’s tax rules could, if approved by the ECJ, cost the UK government billions of pounds in lost revenue. It is fighting hard to prevent that happening, but victories on this battlefield have so far been few and far between.
All of which has left many companies in an uncertain position. Is there an alternative outside these shores that might be worth their exploring? And what else can they do to reduce their tax liability without putting HMRC’s nose out of joint in the process?
This briefing will help you read the complex tax map that is unfolding in the UK. It will point to the major landmarks on the ever shifting landscape to help you get your bearings and mark out the potential pitfalls as well as the points of opportunity. It may not make everything plain sailing, but it should help you navigate through some treacherous waters.
To read the articles separately, click below.
UK competitiveness: should you stay or go?
The disclosure regime: feel the force
Tax planning: steer clear of rocks
European influence: the EU fire fight
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