The Treasury has moved to block a loophole in business tax relief that could
have cost the exchequer up to £1bn.
Changes have been made to the finance bill that will stop companies using a
scheme to claw back taxes paid when they were profitable by ‘artificially
engineering a deemed cessation of trading’, reported the
Last week, financial secretary Stephen Timms told MPs that HMRC believed the
scheme ‘is capable of being used by a large number of companies with the
consequent risk of a significant loss of revenue’.
Without the amendments to the bill, companies would have been able to
reorganise in order to make themselves eligible for terminal loss relief, which
allows companies to offset losses made in the year before a business closes
against profits made in the previous three years.
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