A loophole that allows banks and large businesses to cut the cost of loans
through a tax dodge is to be slammed shut by chancellor Gordon Brown.
New legislation is to be introduced into the finance bill at report stage
that will stop companies using avoidance schemes to gain tax relief on the
principal a loan, as well as the interest.
The City fears the move may herald a crackdown on the tax-driven activities
of the structure finance industry, according to the Financial Times.
HM Revenue & Customs has indicated that potentially billions of pounds
were at stake from the move.
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