Swiss investment banking group UBS yesterday won a High Court victory over
tax credits that could net the company £58.3m.
UBS was granted by Mr Justice Etherington permission to appeal last year’s
decision by the Special Commissioners over the bank’s claims for tax relief
going back to the early 1990s.
The bank claims that HM Revenue & Customs unfairly discriminated against
it in relation to the tax treatment of payouts compared with a UK resident
entitiy, when dealing with dividends received from the UK branch of Swiss
Banking Corporation, now part of UBS.
Last year the commissioners said UBS should be able to claim payment of the
tax credit on dividends but legislation had not been incorporated into UK law to
allow this, according to the Financial Times.
HMRC could appeal against the latest ruling.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...