UK To Close Property Developer Offshore Tax Loophole
by Jason Gorringe, Tax-News.com, London
01 June 2016
The United Kingdom has legislated to stop property developers from using offshore structures in the Crown Dependencies to avoid UK tax on profits.
The UK has published legislation to bring into force amendments to the tax treaties between the UK and the Crown Dependencies – Guernsey, Jersey, and the Isle of Man. These agreements will allocate the taxing rights over profits from immovable property to the territory in which the property is situated. When enacted these changes will apply from March 16, 2016.
In addition to the tax treaty amendments, legislation will also be enacted to tax trading profits derived from land in the UK. Those rules will apply equally to resident and non-resident businesses, and will not depend on the existence of a "permanent establishment" in the UK.
To see today's news, click here.
Tax-News Reviews
A review and forecast of Cyprus's international business, legal and investment climate.
A review and forecast of Malta's international business, legal and investment climate.
A review and forecast of Jersey's international business, legal and investment climate.
A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- Corporate Taxes take Center Stage »
- Reporting, Rule Changes and Reversals… »
- Buying a Home at Auction: Key Questions and Considerations »
- Compliance Concerns Under Consideration »
- Securing Finance for Development Projects »
- Tax Headlines on Headline Taxes »
- How to start a Corporation in California? »
- VAT's (not) All, Folks! »
- Cyprus Trusts: Outline and Practical Approach »
- Compliance on the Cards »