On course for competitiveness. Budget survey 2014
|
|
- Joanna Knight
- 5 years ago
- Views:
Transcription
1 On course for competitiveness Budget survey 2014
2 Executive summary With an election looming next year and EY s ITEM club predicting a modest upgrade to the short-term forecast for economic growth, the Chancellor may well be making plans for a Budget full of measures building on his drive to maintain UK competiveness. But is that what business wants? Should he be focusing his attention elsewhere? Our Budget survey reveals much good news but some challenging messages for the Chancellor: 65% of respondents list the low mainstream rate of corporation tax as the factor that has most improved the competitiveness of the UK. Other elements of the corporate tax roadmap changes to the rules for controlled foreign companies, the patent box and above the line R&D tax relief are also listed. While 21% responded very positively when asked to rate the extent to which the changes to enhance the competitiveness of the tax system caused their organisation to consider locating or expanding activities in the UK, just under a third of respondents said the changes had no impact at all. The commercial risk posed by uncertainty is a theme running throughout our survey results, particularly in the context of: the forthcoming election political tinkering generally the OECD s action plan on base erosion and profit shifting (BEPS) the influence of the OECD/EU more generally the complexity of our system the prospect of Scottish independence personal tax rates (particularly the prospect of a 50% rate) Almost 80% of respondents listed certainty as one of the top three factors that should be driving the UK s tax policy choices 44% as the top factor. Of those, only 18% think certainty has been delivered in recent decisions around tax policy. What the Chancellor can most usefully do to help businesses is actually to do nothing. As far as corporate tax is concerned, businesses want boring. Instead, it s time to think about a personal tax roadmap: Almost half of respondents to our survey think that the costs associated with employing staff should be reduced. Taken together with those who would like to see the rate of employees national insurance lowered, the results show that 84% of respondents think that national insurance contributions need to change. Almost half of respondents think that income tax rates are too high and taken with those who think allowances should be increased, 74% of respondents would like to see income tax changes. Survey details Our survey had 143 respondents from a broad range of sectors 43% were from organisations with turnover in excess of 1bn 54% of respondents were Tax Directors or CFOs 27% were from organisations headquartered outside the UK EY 1
3 On course for competitiveness? When the Chancellor stands up to make his Budget speech on 19 March 2014, he will be doing so safe in the knowledge that his corporate tax roadmap now in place for four years is helping to secure the UK s position as a place to do business. Our 2014 Budget survey provides him with evidence to support that view. With 65% of respondents listing the low mainstream rate of corporation tax as the factor that has most improved the competitiveness of the UK, the corporation tax roadmap is clearly having a positive impact. The next three items listed by respondents in this free text question were also elements of the roadmap. Indeed, even an often forgotten component the administration of the tax system was also part of the top six factors mentioned by respondents. What factor has contributed most to improving the tax competitiveness of the UK? 70% 65% 60% 50% 40% 30% 16% 8% 4% 2% 0% CT rate CFC changes Patent box R&D Income tax - reduction to 45% HMRC approach In response to the question specifically around the mainstream rate planned for 2015, 85% of respondents indicated that they consider it to be about right compared to 66% last year. Our 2013 UK Attractiveness Survey confirmed the UK s position as Europe s top destination for Foreign Direct Investment (FDI) projects and even a brief look at corporation tax rates around the world illustrates why this is the case (see overleaf). With the UK rate set to drop even further by 2015, it is easy to see why the UK is such an attractive investment location. Do you think the current rate of mainstream corporation tax for 2015 is: 84.6% 9.1% 6.3% Too high Too low About right EY 2
4 The international landscape corporation tax rates around the world Top 2013 tax rate (%) Top 2014 tax rate (%) Source: EY s Tax Policy and Controversy quarterly Not quite full steam ahead for the corporate tax roadmap With the individual elements of the roadmap being so clearly appreciated, it is perhaps surprising that the package of measures taken together has yet to convince some respondents to commit fully to expanding operations in the UK or locating activities here. While 21% responded very positively when asked to rate the extent to which the changes to enhance the competitiveness of the tax system caused their organisation to consider locating or expanding activities in the UK, just under a third of respondents said the changes had no impact at all. One a scale of 1 to 5, to what extent have the changes to enhance the competitiveness of the tax system caused your organisation to consider locating or expanding activities in the UK? 18.2% 1 (not at all) 31.5% 2 7.0% % 11.9% 5 (Considerably) We are predominantly UK based 17.5% EY 3
5 Of course, that is only part of the story in their comments, some respondents indicated that their organisations are in the early stages of planning to locate or expand activities in the UK. However, it is clear that something is causing business to hesitate. Uncertainty is the biggest threat to UK competitiveness The overwhelming message coming through from the comments made by respondents to our survey is that uncertainty is limiting the impact of the corporate tax roadmap. In fact, almost a quarter of respondents listed uncertainty as the biggest threat to UK competitiveness. What do you consider to be the biggest threat to UK tax competitiveness and/or investment in the UK? 25% 24% 15% 13% 11% 5% 8% 8% 7% 5% 3% 3% 0% Delving down into the detail, the theme of uncertainty actually runs through a number of the other responses made to this free text question. In particular, uncertainty was mentioned in the context of: the forthcoming election political tinkering generally the OECD s action plan on base erosion and profit shifting (BEPS) the influence of the OECD/EU more generally the complexity of our system the prospect of Scottish independence personal tax rates (particularly the prospect of a 50% rate) EY 4
6 The degree of this underlying uncertainty is illustrated by the issue of the forthcoming Scottish referendum. A number of respondents mention the impact of the referendum in their comments particularly in the context of uncertainty and almost a quarter of respondents think that independence in Scotland would have an impact on their decision-making going forward. On a scale of 1 to 5, to what extent has the prospect of an independent Scotland featured to date in your organisation s decision-making? Will it going forward? 70% 65% 60% Impact on current decision-making Likely impact going forward 50% 42% 40% 30% 16% 11% 8% 6% 6% 4% 14% 7% 9% 0% It follows that certainty should be driving the Chancellor s tax policy choices As we might expect, with uncertainty emerging as the principal theme running through our survey results, almost 80% of respondents listed certainty as one of the top three factors that should be driving the UK s tax policy choices 44% as the top factor. After certainty, the next most popular factor was stimulating the economy with opportunities for jobs and growth. Respondents also commented that simplicity and transparency are other factors that should be considered. EY 5
7 What should be driving the UK s tax policy choices? Third 80% 70% 60% 50% 40% 30% 0% 15% 15% 34% 44% 27% 23% 17% 12% 16% 12% 9% 8% 6% Second First 3% It will be a cause of some concern for the Chancellor that only 21% of respondents think that factors such as certainty and growth have been delivered in recent decisions around tax policy. On a scaled of 1 to 5, to what extent do you think recent decisions around UK tax policy have delivered on the factors selected in the previous question? 2.1% 10.5% 18.9% 29.4% 39.2% 1 (not at all) (considerably) EY 6
8 In fact, for those respondents who listed certainty as the top factor that should be driving tax policy choices, the proportion that think that has been delivered in recent decisions around tax policy drops to 18%. To what extent do you think recent decisions around UK tax policy have delivered in terms of key factors responses for those who selected certainty as the key factor 40% 30% 33% 40% 16% 2% 0% In their comments, respondents mentioned a range of issues. Some respondents felt that there is a disconnect between policy makers and on the ground practicalities. Others indicated a perception of reluctance on the part of HMRC to enter into advanced agreements. With the Budget providing a unique opportunity to build confidence around the roadmap and ensure it achieves its true potential, what can the Chancellor do to ensure that the roadmap continues in the right direction? Businesses want boring We asked respondents what the Chancellor could do to encourage their organisation to accelerate investment plans in the UK. As one might expect, we received an incredibly wide range of responses but certainty was by far the most common. Some of the causes of uncertainty listed earlier in this paper are beyond the Chancellor s control. For example, the Scottish referendum and the forthcoming election are not something he can change. Similarly the OECD s action plan on BEPS will continue regardless, although the Chancellor should think carefully before introducing measures to pre-empt BEPS as these would inevitably bring complexity and, with it, further uncertainty. One area where the Chancellor can actively add certainty is around capital allowances. Calls for clarity and certainty around the capital allowances regime ran throughout our survey responses. Respondents talked about a constantly changing regime characterised by the changes to the annual investment allowance (AIA). In 2012, the AIA was reduced from 100,000 to 25,000 but it was then temporarily increased for two years to 250,000 for qualifying investment in plant and machinery made on or after 1 January Businesses, particularly those in the manufacturing sector, want a regime that will last beyond short-term incentives they want to be able to plan further ahead than two years. EY 7
9 In general though, what the Chancellor can most usefully do to help businesses is actually to do nothing. Businesses want the Government to remove uncertainty where possible but failing that, they want to be able to make informed business decisions and take informed business risks. Businesses want boring. What could the Chancellor do to encourage your organisation to accelerate investment plans in the UK? 18% 18% 16% 14% 12% 8% 6% 4% 6% 5% 4% 3% 2% 0% Certainty Improve capital allowances Reduce costs of employment Reduce top rate of income tax Widen R&D relief Improve investment incentives It s time to let the corporate tax roadmap bed down and turn to personal tax If the Chancellor leaves the corporate tax system alone, that does not mean he can sit back and relax. A personal tax roadmap should be the next item on his agenda. With 54% of tax revenues coming from income tax and national insurance alone (compared to 9% and dropping for corporation tax), the personal tax system impacts a significant proportion of the population. However, with income tax, national insurance, capital gains tax, inheritance tax, stamp duty land tax alongside complex rules for pension contributions, share schemes and employer provided benefits, the personal tax system is unquestionably difficult for taxpayers to navigate. If the Government is looking to reduce the tax burden, where should it focus? National insurance (employers ) Business rates Income tax (rate) National insurance (employees ) Income tax (allowances) Number of respondents. Some respondents indicated more than one issue. EY 8
10 Almost half of respondents to our survey think that the costs associated with employing staff should be reduced. Taken together with those who would like to see the rate of employees national insurance lowered, the results show that 84% of respondents think that national insurance contributions need to change. Almost half of respondents think that income tax rates are too high and taken with those who think allowances should be increased, 74% of respondents would like to see income tax changes. At the same time, more than a third of respondents think that any increase in the tax burden should be focused at capital gains tax and a further fifth think any increases should focus on inheritance tax. Alongside these two surprising results, the inclusion of VAT as an area where tax increases should focus is similarly unexpected, particularly since the last increase was so recent. If the Government is looking to raise revenue, where should it focus? Capital gains tax 40 Landfill tax VAT Climate change levy 29 Inheritance tax Number of respondents. Some respondents indicated more than one issue. Leaving aside the question of rate, the UK s personal tax system is incredibly complex. With some rules going back hundreds of years and others introduced in response to recent developments, it is an increasingly difficult system for taxpayers to understand. Despite running alongside each other and being largely operated through the PAYE system, distinctions between income tax and national insurance remain. In particular, they differ in the definition of earnings, the period of assessment, the treatment of multiple employments, self-employment, savings and pensions. There are six different classes of national insurance including the charge on employerprovided benefits. In fact, employees national insurance alone takes up 25 lines of HMRC s rates and allowances tables compared to 12 for income tax. Income tax has its own degrees of complexity. The calculation of the taxable amount of employerprovided benefits dates back to a time when a higher paid employee was one earning more than 8,500 and an expensive property was 75,000. Merging the two systems would be politically difficult, particularly as it would bring the true rate of tax starkly into focus. A review of the administration of both PAYE and NIC commenced in 2011 with a call for evidence around integrating the operation of income tax and NICs but the Office of Tax Simplification's previous suggestion of a reform of the NIC basis, to align it to that used for employment taxation, seems to be worthy of further consideration. This could have significant benefits from the perspective of simplicity. More practically, it could result in lower administration and compliance costs. EY 9
11 More broadly, one could argue that capital gains tax and inheritance tax, which between them represent just 2% of total tax revenues (compared to 32% for income tax and 22% for national insurance), should be reviewed. Although capital gains tax was introduced in 1965 and inheritance tax in 1975 (as capital transfer tax), both systems are arguably outdated. Only 3% of estates paid inheritance tax in 2010/11 while capital gains tax now largely applies to the taxation of gains on shares and second homes. With just over 7bn of receipts between them, the Chancellor may not be able to afford to abolish them particularly given the associations with wealth for both taxes. However, both systems are complex and cumbersome so inclusion in a personal tax roadmap would bring efficiencies and direction. 1 Inheritance tax statistics Learn from the lessons of the corporate tax roadmap There is no question that a personal tax roadmap would be a huge undertaking but that is not a reason to delay. In fact, the extent of the challenge illustrates perfectly just how complex the system has become. Added to that, in approaching a personal tax roadmap, the Chancellor already has an exceptional example to follow in the form of the corporate tax roadmap. By analysing the elements that have made that project so successful, the Chancellor has a formidable process to use as a starting point. Of course, it is essential that he also learns from the challenges that have arisen along the way. As our survey shows, it is not enough to put together a series of promising elements. The real impact of the package as a whole comes from providing certainty. Certainty should be the benchmark of policy decisions going forward alongside simplicity in structure and clarity around objectives. In this way, businesses and individuals alike will be able to plan ahead with full knowledge of the associated tax implications and the UK will remain truly open for business for a long time to come. EY 10
12 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young LLP The UK firm Ernst & Young LLP is a limited liability partnership registered in England and Wales with registered number OC and is a member firm of Ernst & Young Global Limited. Ernst & Young LLP, 1 More London Place, London, SE1 2AF Ernst & Young LLP. Published in the UK. All Rights Reserved. ED None Information in this publication is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. Ernst & Young LLP accepts no responsibility for any loss arising from any action taken or not taken by anyone using this material. ey.com/uk
The shape of things to come. Tax Director aspirations for the Business Tax Roadmap
The shape of things to come Tax Director aspirations for the Business Tax Roadmap Highlights In February 2016, we surveyed Tax Directors to understand the challenges they would like to see addressed in
More informationBuilding the balance: Cooperative compliance in practice
Building the balance: Cooperative compliance in practice Building the balance: Cooperative compliance in practice In this report 1 Executive summary 2 Introduction 3 From an enhanced relationship to cooperative
More informationFinance Bill Finance Bill Draft legislation on modified UK patent box. Executive Summary. December 2015
Finance Bill 2016 December 2015 Finance Bill 2016 Draft legislation on modified UK patent box Executive Summary On 9 December 2015, draft legislation was published in relation to modifying the UK patent
More informationWhat next after the general election?
Tax Services What next after the general election? In the ten days since they won a majority in the House of Commons, the Conservative party has both confirmed the make-up of the new Government with its
More informationBanking & Capital Markets Tax Alert
Autumn Statement 2014 Banking & Capital Markets Tax Alert The headline Autumn Statement news for banks, building societies and other regulated entities is the restriction on the use of brought forward
More informationFinance Bill Draft Finance Bill 2018 clauses. Draft clauses and other documents published on 13. September 2017
September 2017 Draft Finance Bill 2018 clauses Finance Bill 2018 Draft clauses and other documents published on 13 September 2017 13 September 2017 saw the publication of a number of draft clauses intended
More informationSignificant tax changes: UK implications for captive insurers
Tax Services Significant tax changes: UK implications for captive insurers Executive summary This alert sets out how recent developments in the global tax environment may impact UK-connected groups with
More informationEY banking alert. Draft Finance Bill Taking stock of the Autumn Statement and draft Finance Bill Introduction
9 December 2016 Draft Finance Bill 2017 EY banking alert Taking stock of the Autumn Statement and draft Finance Bill 2017 Introduction The Government has explicitly set out its long term plans for banking
More informationUpdate on HMRC s consultation on the modernisation of the corporate debt and derivative contract regimes
Tax Services Update on HMRC s consultation on the modernisation of the corporate debt and derivative contract regimes The consultation on reform of the loan relationships and derivative contract rules
More informationThe impact of IFRS 16 on the UK tax position
May 2018 Tax Services The impact of IFRS 16 on the UK tax position Understanding the impact of IFRS 16 International Financial Reporting Standard 16 Leases (IFRS 16) comes into force for annual periods
More informationEY UK Tax Strategy. Financial year ending 30 June 2017
EY UK Tax Strategy Financial year ending 30 June 2017 EY s values and our commitment to building a better working world drive our tax strategy Scope This tax strategy applies to EY LLP and all its wholly
More informationDraft Finance (No.2) Bill 2017
13 July 2017 Draft Finance (No. 2) Bill 2017 Draft Finance (No.2) Bill 2017 The Government has announced today that the Finance (No.2) Bill 2017, which brings back measures deferred from Finance Act 2017,
More informationUK issues Summer Budget 2015
10 July 2015 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date UK issues
More informationTax deductibility of corporate interest expense
Tax Services 13 May 2016 Tax deductibility of corporate interest expense Further consultation Consultation on detailed policy design and implementation On 12 May 2016, HM Treasury and HMRC released a further
More informationNon-resident capital gains taxation on direct and indirect sales of UK property
July 2018 Draft Finance Bill clauses Non-resident capital gains taxation on direct and indirect sales of UK property Summary of proposals Gains on disposals of all UK property and certain UK property rich
More informationOECD BEPS and EU Anti-Tax Avoidance Directive
Tax Services OECD BEPS and EU Anti-Tax Avoidance Directive Implications for captive insurers Executive summary Over the last five years global tax authorities have increasingly scrutinised captive insurance
More informationKey employee share schemes and securities developments
12 December 2013 Finance Bill 2014 Key employee share schemes and securities developments Draft clauses for Finance Bill 2014 (FB 2014) were published on 10 December 2013. They include a number of important
More informationThe non-dom newsletter
September 2015 Tax Services The non-dom newsletter Introduction Welcome to the first edition of our Non-Dom Newsletter. This newsletter has a single focus: to keep you abreast and advised of the changing
More informationTravel and subsistence survey
Travel and subsistence survey Executive summary As a response to an Office of Tax Simplification report, HM Treasury (HMT) and HMRC are reviewing the legislation and guidance which applies to the taxation
More informationUK issues 2015 Autumn Statement
30 November 2015 Global Tax Alert UK issues 2015 Autumn Statement EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationTax highlights. Autumn Statement. 25 November 2015
Autumn Statement Tax highlights 25 November 2015 The emphasis in today s Autumn Statement was on the Government s spending review. Nonetheless, there were a number of new announcements on tax, over and
More informationReal estate funds. Are you leaving money on the table?
Real estate funds Are you leaving money on the table? Relevant to real estate fund managers or those managing investments under a segregated account mandate In a rapidly changing tax environment, it is
More informationInto focus. FTSE 350 Executive and Board remuneration report. January 2016
Into focus FTSE 350 Executive and Board remuneration report January 2016 Introduction Executive salaries continue to increase and the median of 2015/16 proposed salary increases is 2.2% Welcome and introduction
More informationUK publishes draft legislation on modified patent box regime
17 December 2015 Global Tax Alert UK publishes draft legislation on modified patent box regime EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your
More informationUK Spring Budget 2017 business taxes
9 March 2017 Global Tax Alert UK Spring Budget 2017 business taxes EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationUK Banking & Capital Markets Budget Alert
Summer Budget 2015 UK Banking & Capital Markets Budget Alert Headlines The UK Budget announcements herald a major shift in banking tax policy, with the UK Government attempting to respond to industry concerns
More informationConsultation on modified UK patent box
Tax Services 26 October 2015 Consultation on modified UK patent box Executive summary A joint consultation document published by HMRC and HM Treasury on 22 October 2015 sets out the Government s proposals
More informationBudget Connect Pre-Budget Survey
Budget Connect 2017 Pre-Budget Survey The industry anticipates a delay in GST implementation: the Budget would not see any big ticket announcement in indirect taxes 2 Q1 Do you expect the postponement
More informationGovernment and Public Sector
Government and Public Sector Budget 2016 Digest Government and Public Sector Budget 2016 Digest 1 Economic story The background for the economic forecast is a slowing world economy. 2 The Chancellor talked
More informationLarge business tax compliance
Finance Bill 2016 Large business tax compliance New measures applicable from April or July 2016 A package of measures to drive behavioural change Details of HMRC s new large business tax compliance package
More informationTax pledges in the 2015 election manifestos
Tax Services Tax pledges in the 2015 election manifestos With Thursday s general election still too close to call, a hung Parliament is widely expected and it is not clear which parties would be in a position
More informationBuilding a tax manifesto for manufacturing. Rebalancing the economy
Building a tax manifesto for manufacturing Rebalancing the economy Executive summary Our 2014 UK Attractiveness Survey shows that the UK already attracts a significant number of manufacturing jobs a year
More informationHMRC s Profit Diversion Compliance Facility
January 2019 Tax services HMRC s Profit Diversion Compliance Facility Why should businesses register? Overview of the disclosure facility On 10 January 2019 HMRC announced and launched a new disclosure
More informationEYGS UK tax strategy. Financial year ending 30 June 2017
EYGS UK tax strategy Financial year ending 30 June 2017 EY s values and our commitment to building a better working world drive our tax strategy Scope This tax strategy applies to EYGS LLP and all its
More informationTaxing gains made by nonresidents immovable property and other proposals
22 November 2017 Autumn Budget 2017 Taxing gains made by nonresidents on UK immovable property and other proposals Summary Taxation of gains on UK immovable property Today, as part of the Autumn Budget
More informationSpring Statement and associated documents
March 2018 Spring Statement and associated documents In his speech of 13 March, the Chancellor stuck by his plans that major tax or spending changes would now be made only once a year - at the Budget in
More informationUK Tax Tables 2018/2019
UK Tax Tables 2018/2019 Contents II Income tax Income tax rates Scotland Pensions Income tax rates Personal allowances a 11,850 Married couple s allowance bc (available where one partner is born before
More informationUnauthorised unit trusts: The end of the race
Asset Management Tax Alert Unauthorised unit trusts: The end of the race Back in 2001, EY published a paper entitled Cancel the race. This paper compared the tax regime for unauthorised unit trusts (UUTs)
More informationEuropean Union (Withdrawal) Bill
July 2017 Brexit alert European Union (Withdrawal) Bill Published 13 July 2017 Following the announcement in the Queen s Speech on 21 June 2017, the Government has introduced into Parliament the Repeal
More informationTax Devolution: making growth the goal
Tax Devolution: making growth the goal Policy briefing # 6 Discussions on the further devolution of tax powers must be assessed against whether the proposals will nurture growth and preserve the single
More informationUK issues position paper update on corporate tax and the digital economy
14 March 2018 Global Tax Alert UK issues position paper update on corporate tax and the digital economy EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy
More informationCMS_LawTax_Negative_ ep. Tax guide. Non-residents and real estate Budget 2017: Extension of tax on capital gains
CMS_LawTax_Negative_28-100.ep Tax guide Non-residents and real estate Budget 2017: Extension of tax on capital gains Non-residents and UK property Budget 2017 included unexpected announcements in the context
More informationSwiss Parliament approves Corporate Tax Reform III
17 June 2016 Global Tax Alert Swiss Parliament approves Corporate Tax Reform III EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser:
More informationOTS review of capital allowances and depreciation November 2017 BPF comments
To: ots@ots.gsi.gov.uk 29 November 2017 Introduction 1. The BPF represents investors in UK real estate an industry which supports more than 1 million jobs and contributed more than 65bn to the economy
More information2 Budget Connect Pre-Budget Survey
2 Budget Connect 2017 - Pre-Budget Survey Q1 According to the fiscal consolidation path given in the FY18 Union Budget, the FY19 fiscal deficit-gdp ratio should be 3%. Do you think that the Government
More informationUK publishes Autumn Finance Bill 2017
11 September 2017 Global Tax Alert UK publishes Autumn Finance Bill 2017 EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationThe UK as a favoured location for Indian investments
The UK as a favoured location for Indian investments Over the course of multiple parliaments under different political leadership, UK Government policy has consistently aimed at creating the most competitive
More informationThe tax landscape is changing: Repair? Revitalise?
The tax landscape is changing: Repair? Revitalise? Building a business tax blueprint for the UK post-brexit The better the question. The better the answer. The better the world works. Executive summary
More informationUK s bilateral APA program for financial transactions is in line with growing global approach
5 November 2018 Global Tax Alert News from Transfer Pricing UK s bilateral APA program for financial transactions is in line with growing global approach NEW! EY Tax News Update: Global Edition EY s new
More informationAccounting for climate change
Accounting for climate change A step-by-step guide to implementing the Financial Stability Board Task Force recommendations for disclosing climate change risk Contents The Financial Stability Board Task
More informationUK launches review of corporate intangible fixed assets regime
20 February 2018 Global Tax Alert UK launches review of corporate intangible fixed assets regime EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your
More informationWhy Legal Entity Management Matters IV
Why Legal Entity Management Matters IV Collating and reporting legal entity information in today s environment: are you prepared? Issue 4.0 Q3 2015 Collating and reporting legal entity information in today
More informationOECD releases the United Kingdom peer review report on implementation of Action 14 minimum standards
26 October 2017 Global Tax Alert OECD releases the United Kingdom peer review report on implementation of Action 14 minimum standards EY Global Tax Alert Library Access both online and pdf versions of
More informationSetting up a business in the UK. 25 September 2018
Setting up a business in the UK 25 September 2018 Contents 1. Overview 3 2. Legal considerations 4 3. Statutory accounting and reporting 5 4. Corporation tax compliance 7 5. Value-added tax 9 6. Employment
More informationNon-resident chargeable gains on UK property collective investment vehicles
January 2019 Draft Finance Bill clauses Non-resident chargeable gains on UK property collective investment vehicles Summary of draft rules for collective investment vehicles (CIVs) In addition to the new
More informationUK Government opens consultations on Making Tax Digital
16 August 2016 Global Tax Alert UK Government opens consultations on Making Tax Digital EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser:
More informationTAX BRIEFING. Autumn Budget Table of contents. Related links. 31 OCTOBER 2018 London
Autumn Budget 2018 31 OCTOBER 2018 London In this briefing we attempt to provide some insight into a number of the fiscal measures announced by the Chancellor in Monday's Budget Speech. Readers who are
More informationNavigating Brexit. Tax and legal implications for life sciences companies. July 2016
Navigating Brexit Tax and legal implications for life sciences companies July 2016 1 Navigating Brexit: Tax implications Introduction On Thursday, 23 June, the people of the United Kingdom (UK) voted
More informationFinance Bill published
Finance Bill 2015 Finance Bill published The 2015 Finance Bill was published today, 24 March, with the intention that all stages of the Bill will occur on 25 March. The expectation is that Royal Assent
More informationGillian Lofts. Generic guidance critical for industry and consumers Update on TSIP initiative. Guidance Deconstructed for life, not just at retirement
@uktisa Gillian Lofts EY #SummitPC15 Generic guidance critical for industry and consumers Update on TSIP initiative Draft for discussion 1 Low levels of financial capability and savings in UK population
More informationEuropean Parliament votes in favor of public Country-by- Country reporting in first reading
7 July 2017 Global Tax Alert European Parliament votes in favor of public Country-by- Country reporting in first reading EY Global Tax Alert Library Access both online and pdf versions of all EY Global
More information2017 Fiduciary management fees survey. February 2018
2017 Fiduciary management fees survey February 2018 Contents Survey highlights 4 Introduction 5 Components of fees in a fiduciary management mandate 7 Fiduciary management fees 8 Investment management
More informationCapital gains for nonresidents. legislation released
Finance Bill 2015 Capital gains for nonresidents - draft tax legislation released Introduction On 10 December 2014 the UK Government released draft legislation on the extended capital gains tax (CGT) charge
More informationUK publishes draft legislation on restrictions for UK interest deductions
12 December 2016 Global Tax Alert UK publishes draft legislation on restrictions for UK interest deductions EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationThe non-dom newsletter
October 2017 Tax Services The non-dom newsletter Eighteenth edition 25 October 2017 Introduction Welcome to the trust special edition of the non-dom newsletter. In this edition, we hear the views of our
More informationThe Reduced Disclosure Framework
The Reduced Disclosure Framework An approach to shareholder communication: Option B Enabling an objection via a response form February 2015 Contents Page Section 1 Introduction to the Reduced Disclosure
More informationUK publishes draft clauses and other Documents under Finance Bill 2018
15 September 2017 Global Tax Alert UK publishes draft clauses and other Documents under Finance Bill 2018 EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy
More informationIrish Government announces Budget 2016 and publishes update on international tax strategy
16 October 2015 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date Irish
More informationALVAREZ & MARSAL TAXAND UK AUTUMN STATEMENT 2016
ALVAREZ & MARSAL TAXAND UK AUTUMN STATEMENT 2016 23 November 2016 Ta x a n d COMMENT FROM HEAD OF A&M TAXAND UK The Chancellor has delivered his first Autumn Statement and has largely confirmed the direction
More informationUK Tax Alert. Budget Key Measures for Large Business. Corporate Tax. 17 March 2016
17 March 2016 UK Tax Alert. The Chancellor described this year s Budget as including a fundamental reform of the business tax system. This means more closing of loopholes and reductions in reliefs. However,
More informationUK Tax Authority launches Profit Diversion Compliance Facility
10 January 2019 Global Tax Alert UK Tax Authority launches Profit Diversion Compliance Facility NEW! EY Tax News Update: Global Edition EY s new Tax News Update: Global Edition is a free, personalized
More informationAct or react? Navigating your business through political uncertainty. The better the question. The better the answer. The better the world works.
Act or react? Navigating your business through political uncertainty The better the question. The better the answer. The better the world works. For further information contact: Mats Persson Head of International
More informationBarbados conducting review on OECD-designated preferential regimes
26 October 2017 Global Tax Alert News from Americas Tax Center Barbados conducting review on OECD-designated preferential regimes EY Global Tax Alert Library The EY Americas Tax Center brings together
More informationIreland updates international tax strategy
14 October 2016 Issue 06/2016 Tax alert Ireland Ireland updates international tax strategy Contacts If you require further information, please call your regular contact in EY or contact any of the following:
More informationUK to hold referendum on its membership of the European Union
1 March 2016 Global Tax Alert UK to hold referendum on its membership of the European Union EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web
More informationGrasping the thistle. Ernst & Young s Scotland corporate tax survey report
Grasping the thistle Ernst & Young s Scotland corporate tax survey report Research sample and methodology Survey participants by sector 1% 1% 1% 1% 3% 2% The data for this research report was collected
More informationFor adviser use only not approved for use with clients. Aegon Adviser Attitudes Report A spotlight on advisers clients
For adviser use only not approved for use with clients Aegon Adviser Attitudes Report 2017 A spotlight on advisers clients Introduction The Adviser Attitudes report series sets out to look at the health
More informationGlobal Tax Alert. Spain proposes amendments to the Spanish ETVE and participation exemption regimes. Executive summary. Detailed discussion
12 September 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date
More informationOECD releases final report on CFC rules under BEPS Action 3
11 October 2015 Global Tax Alert EY OECD BEPS project Stay up-to-date on OECD s project on Base Erosion and Profit Shifting with EY s online site containing a comprehensive collection of resources, including
More informationNew Zealand to implement wide ranging international tax reforms
15 August 2017 Global Tax Alert New Zealand to implement wide ranging international tax reforms EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your
More informationUnited Kingdom Tax Alert
International Tax United Kingdom Tax Alert Contacts Bill Dodwell bdodwell@deloitte.co.uk Christie Buck cbuck@deloitte.co.uk Alison Lobb alobb@deloitte.co.uk 4 December 2014 2014 Autumn Statement contains
More informationThe non-dom newsletter
February 2018 Tax Services The non-dom newsletter Nineteenth edition 8 February 2018 Introduction Welcome to the latest edition of the non-dom newsletter. In this edition, we consider the recently published
More informationOECD meets with business on base erosion and profit shifting action plan
4 October 2013 OECD meets with business on base erosion and profit shifting action plan Executive summary On 1 October 2013, the Organisation for Economic Cooperation and Development (OECD) held a meeting
More informationThe Budget Pensions
The Budget 2018 Pensions Stamp Duty Land Tax National Living Wage and the National Minimum Wage Universal Credit Income Tax and National Insurance Capital Gains Tax Inheritance Tax Investments Corporate
More information#AS2016 Real Estate & Construction Update
Autumn statement 2016 Page 1 of 7 Chancellor Philip Hammond MP delivered his first and last Autumn Statement today on Wednesday 23 rd November 2016. E³ Consulting highlights the initial key Property &
More informationUK Budget 2015: business taxes
20 March 2015 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date UK
More informationCredit Ratings Advisory Q3 2017
Credit Ratings Advisory Q3 2017 What we do Credit ratings assessment For unrated clients we assess the likely outcome of a credit ratings process to support funding options advice or debt capital raising/refinancing
More informationQUARTER LEGISLATIVE UPDATE
QUARTER 1 2017 LEGISLATIVE UPDATE Legislative update GUIDING YOU THROUGH THE LATEST CHANGES Our legislative update helps you make the most of changes to pensions law and regulation. Guiding you through
More informationUK SUMMER BUDGET July 2015
UK SUMMER BUDGET 2015 8 July 2015 The Chancellor, George Osborne released his first all-conservative Government Budget since 1997 on Wednesday, 8 July 2015. The Chancellor described this Budget as focusing
More informationIreland publishes Independent Review of Irish Corporate Tax Code
14 September 2017 Global Tax Alert Ireland publishes Independent Review of Irish Corporate Tax Code EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into
More informationGeneral insurance pricing conduct: getting the price right
General insurance pricing conduct: getting the price right Minds made for shaping financial services July 2018 When the financial services industry works well, it creates growth, prosperity and peace of
More informationDutch Government launches internet consultation to amend the Dividend Withholding Tax Act
17 May 2017 Global Tax Alert Dutch Government launches internet consultation to amend the Dividend Withholding Tax Act EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax
More informationAustralian Parliament passes Bill for MAAL, CbC reporting and increased penalties with wider ATO public reporting
4 December 2015 Global Tax Alert Australian Parliament passes Bill for MAAL, CbC reporting and increased penalties with wider ATO public reporting Private company tax data to be disclosed by ATO. Wide-ranging
More informationGlobal Tax Alert. OECD releases report under BEPS Action 2 on hybrid mismatch arrangements. Executive summary
23 September 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date
More informationDavid Grey & Co Spring Budget. 177 Temple Chambers Temple Avenue London EC4Y 0DB T: F: E:
David Grey & Co. CHARTERED ACCOUNTANTS 2017 Spring Budget 177 Temple Chambers Temple Avenue London EC4Y 0DB T: 020 7353 3563 F: 020 7353 3564 E: post@davidgreyco.com BUDGET HIGHLIGHTS n A reduction in
More informationAUTUMN BUDGET 2017: FUTURE TAX CHANGES
AUTUMN BUDGET 2017: FUTURE TAX CHANGES The following briefing contains a summary of all tax policy measures which were announced yesterday at Autumn Budget 2017 for inclusion in a later Bill. Autumn Budget
More informationJOSEPH HAGE AARONSON LLP. Littlewoods (compound interest on repaid VAT)
LLP UPCOMING EVENTS & LIKELY DATES 2017 Q1 Prudential Supreme Court decision on permission to appeal F EBRUARY FII (FID claims) High Court hearing M AY BAT (super tax on EU claims) Tribunal hearing J ULY
More informationhttps://emeia.ey-vx.com/730/28558/september-2015/ukandi---gb---p---tax---weekly-v...
Page 1 of 6 Click here to view online EY VAT News - Week to 28 September 2015 Welcome to the latest edition of EY VAT News. Headlines include the following: We will be holding a global webcast at 4:00
More informationLeaving the EU. Consideration of impacts on corporate tax rules of EU member states
October 2016 Tax Services Leaving the EU Consideration of impacts on corporate tax rules of EU member states Following the UK s referendum vote to leave the European Union on 23 June 2016, the UK Government
More informationUK Tax Update: It s not all about Brexit!
August 2016 UK Tax Update: It s not all about Brexit! There has rightly been a great deal of attention paid to the UK s decision to leave the EU and what that may mean from a business (including tax) perspective.
More information