Virgin may be landed with a £16m bill as a result of a tax structure it used
to sell a Japanese subsidiary.
The Japanese tax authorities are pursuing the group for liabilities arising
from the sale of a 40% stake in Virgin Cinemas to Toho, the film production
Virgin had sold the shares to another subsidiary in Switzerland at a deflated
price before selling it on and thus paying a much lower tax rate on the
transaction, The Times reported today.
Virgin said that the company had done nothing illegal and would be
challenging the accusation. Some £9m of tax is at stake, and Virgin might also
have to pay a £7m fine if it loses.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...