Latest Tax-News Special Feature
With the European Union - less than half of it at any rate - having reached a momentous agreement to forge ahead with a tax on financial transactions, in this article we give an overview of transaction tax initiatives past, present and future.
We tend to think of transaction taxes as a fairly new concept, something that has come along in the wake of the financial crisis in order to punish the bankers and tame the financial markets. They have, however, been around for a long time in one form or another. The stamp duty on share purchases is one of the United Kingdom's oldest taxes, having been in existence since the early 19th century. Indeed, in 2011, there were 40 countries with transaction taxes in place, and it is said that all told, they generated USD38bn in revenues.
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Offshore Companies Owning UK Residential Property Need To Take Urgent Action
Earlier this year the UK Government announced far-reaching proposals to change the way that non UK companies which owned UK residential property would be taxed. Previously these companies, like non UK resident individuals, had not been liable to pay Capital Gains Tax (CGT). Under the new proposals this would change and those companies would now be subject to CGT, broadly calculated on the difference between the acquisition value and the disposal value.
There are many companies who acquired UK property many years ago so their base value for CGT purposes will be very low. On resale of the property those companies are going to face a very heavy tax bill.
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