The government has announced new tax clearance arrangements for business with
the publication of the
The Treasury and HM Revenue & Customs outlined the proposals today,
conceding advanced agreements on tax, which will be given within 28 days.
The move was widely welcomed. Paul Eagland, head of tax at BDO Stoy Hayward,
said: ‘The Varney review, if successful, could be one of Gordon Brown’s
brightest legacies, ranking alongside awarding independence to the Bank of
England. Improving co-operation and understanding between business and HMRC has
been needed for some time, and will benefit UK business as well as helping
attracting foreign investment.’
Business has long lobbied for the move.
Chris Sanger, Ernst & Young’s head of tax policy, said: ‘There have
always been areas of uncertainty in the UK tax regime and this change towards
positive engagement is good news for businesses. As an example, the provision of
an advance ruling procedure will provide absolute certainty for businesses
considering major investment in the UK as opposed to the considerable
uncertainty that they have now.’
Much will depend on the detail of the agreements. Some pre-implementation
clearance procedures are already in place, such as those on
It is not known at present what implications the move might have for HM
Revenue & Customs, given that clearance procedures, commonly associated with
general anti-avoidance rules, are often thought to be
expensive to implement.
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