HMRC have changed their advice on the Construction Industry Training Board (CITB) levy, following a backlash from building firms.
The Revenue announced in January that it would no longer allow contractors to recoup the CITB charge from subcontractors in the form of a deduction made from the “gross amount of payment” on monthly returns.
A committee of the European parliament has approved an amendment to the Fourth Anti-Money Laundering Directive, which would make details about individuals behind trusts publicly available for the first time.
Under the plan, each member state of the European Union would be required to keep and make available a register of information on the ultimate beneficial owners of privately owned companies, foundations and trusts.
Marks and Spencer v CRC, Supreme Court
Two shareholders own eight properties through an investment company. They wish to go their own way and would like to achieve this by forming two separate companies, each owning four properties
Bristol & West plc, Upper Tribunal (Tax and Chancery Division)
Assessing a new standard for ethical behaviour in tax
The rejection by the First-tier Tribunal of the taxpayer’s claim in Armajaro Holdings Ltd
The question of whether companies are connected continues to cause confusion. Two companies have some shareholders in common, but they have differing shareholdings and there is also a debt existing between them
The taxman’s powers to withhold repayments
Arguments in support of the control premium
HMRC have produced two documents to assist companies set to see changes to their preparation of financial statements over the coming years.
The papers provide an overview of the tax considerations that arise in a shift from the UK’s current generally accepted accounting principles (GAAP) to new, EU-endorsed standards.
Private company share sales may include a provision relating to a possible future sale of those shares to a third-party within a predetermined period. In that event, the original shareholder may receive a proportion of any enhanced price
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