United Kingdom News
UK, Canada Sign Post-Brexit Continuity Trade Deal
by Jason Gorringe, Tax-News.com, London
Monday, November 30, 2020
Canada and the UK have announced the successful conclusion of negotiations on an interim trade agreement, which will be in place as they work toward a comprehensive post-Brexit free trade deal. Read Full Story
UK To Offer Expanded Annual Investment Allowance Until 2022
by Jason Gorringe, Tax-News.com, London
Tuesday, November 17, 2020
The UK Government has announced that the temporary GBP1m (USD1.31m) cap for the Annual Investment Allowance (AIA) will be extended until January 1, 2022. Read Full Story
UK May Double Capital Gains Tax Burden
by Jason Gorringe, Tax-News.com, London
Tuesday, November 17, 2020
More closely aligning UK capital gains tax (CGT) rates with income tax rates could raise significant revenues for the UK, a government-commissioned review has concluded. Read Full Story
UK To Strengthen Insurance Premium Tax Rules
by Jason Gorringe, Tax-News.com, London
Tuesday, November 10, 2020
On November 5, 2020, HM Revenue and Customs issued a consultation on proposals to improve the administration of Insurance Premium Tax (IPT) and prevent unfair outcomes. Read Full Story
UK MPs Join Calls For Making Tax Digital Rethink
by Jason Gorringe, Tax-News.com, London
Monday, November 2, 2020
The UK's Public Accounts Committee has recommended that the UK tax authority first review the potential administrative burden and cost on taxpayers before further expanding its Making Tax Digital initiative. Read Full Story
OECD Indicates New Focus On Virtual Currency Tax Issues
by Ulrika Lomas, Tax-News.com, Brussels
Tuesday, October 20, 2020
The OECD has released a new report on countries' tax rules for virtual currencies, alongside an announcement that the Common Reporting Standard will be expanded next year to newly cover virtual currency assets. Read Full Story
UK Updates Brexit VAT Guidance For Imported Goods
by Jason Gorringe, Tax-News.com, London
Tuesday, October 20, 2020
On October 5, 2020, the UK tax authority added considerably to its Brexit guidance for businesses on the value-added tax rules that will apply to goods entering Great Britain from outside the UK. Read Full Story
UK Releases Construction VAT Reverse Charge Guidance
by Jason Gorringe, Tax-News.com, London
Monday, October 5, 2020
On September 24, 2020, HM Revenue and Customs released in-depth guidance on the introduction of the VAT reverse charge mechanism on the supply of building or construction services. Read Full Story
UK To Collect Interest On Overdue Digital Services Tax
by Jason Gorringe, Tax-News.com, London
Tuesday, September 22, 2020
The UK Government on September 16, 2020, tabled The Taxes (Interest Rate) (Amendment No. 2) Regulations 2020, which will enable HM Revenue and Customs to collect or pay interest on overpaid or underpaid digital services tax liabilities. Read Full Story
EU Expecting COVID-19 Dent In 2020 VAT Collections
by Ulrika Lomas, Tax-News.com, Brussels
Tuesday, September 22, 2020
The European Commission has published its latest VAT gap report, which show that EU countries lost an estimated EUR140bn (USD165.7bn) in VAT revenues in 2018. Read Full Story
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