document proposes a series of wide-ranging reforms to corporate taxation,
including the exemption of foreign dividends from tax, new controlled foreign
company rules and restrictions to interest relief in the UK.
The foreign dividend rules have been welcomed, and although there are
concerns about reducing interest relief according to a multinational’s debt
global levels, Treasury proposals have been broadly well received.
But in the area of CFCs stark divisions are emerging.
Current proposals will require groups to separate all foreign income as
either ‘passive’ or ‘active’, raising fears of increasing red tape and
‘It is unrealistic to expect international companies to go through every
minute detail of foreign income in order to decide whether it is active or
passive,’ says Grant Thornton international tax partner Heather Self.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states