The French case relates to the compatibility of residential exit tax, when an individual wanted to transfer his residence from France to Belgium. Under French – and UK – law he would have to pay 25% capital gains tax on shares, the law stretches to companies too.
The opinion could lead to UK companies, that only remained in the country because they did not want to pay the levy, fleeing the shores in search of more business friendly environments such as Ireland.
‘The de Lasteyrie du Saillant case will lay the ground for possible further significant taxation claims from EU businesses in relation to corporate emigration exit taxes,’ said Peter Cussons, international corporate tax partner, at PricewaterhouseCoopers.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory