Under proposals to modernise company tax law, the Treasury is looking at ditching the capital gains regime for companies, meaning that UK-based multinationals would no longer be exempt from paying tax on certain overseas subsidiaries.
Under the proposal, gains on capital assets would be taxed as income.
Property development companies could find themselves being taxed on unrealised gains. Under its proposed new regime, profits and losses would be taxed according to the amounts recognised in company accounts and based on market valuation – a measure which all property companies must adopt according to International Accounting Standards by 2005.
Analysts told the FT this would be the ‘death knell’ for the UK property industry
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