The UK has bowed to EU demands that it scrap Gibraltar’s status as a company tax haven after the EU threatened court action if the scheme was not ended. Link: Hellish outlook for tax havens
The scheme – the Gibraltar Exempt Company Tax Regime – will accept no new participants after July 2006 and will be removed completely in 2010.
The Times reports that the European Commission regards the scheme as unfair and an illegal form of State aid.
In a statement EU Competition Commissioner Neelie Kroes said the abolition of the Gibraltar tax scheme was ‘an important step towards eliminating harmful tax practices that violate EC treaty State aid rule’.
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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