TaxAdministrationTreasury defers tax on foreign profits

Treasury defers tax on foreign profits

Treasury has delayed proposed changes to tax on foreign profits after an outcry from British multinationals

Treasury officials have revealed the proposed changes to the taxation of
foreign profits are unlikely to be enacted before Prime Minister Gordon Brown
calls a general election in 2010.

The delay comes after several companies, including United Business Media and
Shire, announced the move of their tax domicile offshore. Several other
multinationals, including GlaxoSmithKline and WPP, have also threatened to
relocate to more tax-friendly countries.

Chancellor Alistair Darling was expected to release a consultation paper
containing controversial proposals for the taxation of profits in multinational
companies by the end of July.

However, a person close to the
Treasury said it
was ‘obviously now not going to happen under the original timeframe’. ‘The
consultation period is certainly now going to be delayed,’ the person said.

Further reading:

Darling promises to leave offshore taxes on hold

Dublin’s gain is Darling’s loss

Read
The Times story

Related Articles

HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

2w Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

3m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter