tax update provides a quick reference check for taxosure. professionals.
The long-awaited consultation paper on a General Anti-Avoidance Rule has been released. The proposals are limited to company tax, but are likely to be extended to personal taxation in time.
Customs & Excise will publish its own document later in the year. Responses to the consultation need to be submitted by the end of the year and any arising legislation is unlikely to be introduced until the year 2000.
Despite the close links between the UK and the US, the double taxation convention between the two countries has not been updated since 1975.
Both countries have decided it is time to modernise the convention, and official discussions begin next year.
Representations can be made to Bob Wightman at the Inland Revenue International Division, Strand Bridge House, 138-142 Strand, London WC2R 1HH.
For more details, call 0171 438 6420 or visit http://www.inlandrevenue.gov.uk.
English ICA Tax Faculty
This year’s Hardman lecture is on the topical issue of ‘disclosure’. The guest speaker is Peter Wyman, and the lecture takes place in London on 11 November 1998.
The Tax Faculty has released an agreed note of discussions with the Inland Revenue on procedural matters relating to self-assessment (Ref: TAX 23/98).
The Tax Faculty of the English ICA is the focus for the institute’s work in taxation. More details can be obtained by calling 0171 920 8646 or by visiting the website at http://www.icaew.co.uk.
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