WTS in United Kingdom

In his latest Autumn Statement, the Chancellor of the Exchequer, Jeremy Hunt announced a variety of measures that will impact the financial services industry.

The UK Tax Authority, HMRC, has sought to introduce digital VAT reporting in the UK via its Making Tax Digital for VAT (MTDfV) program

On the 14 September 2023, HM Revenue and Customs (HMRC) published draft legislation, of particular interest to UK companies listing securities on non-UK exchanges, providing for the removal of the 1.5% charge to UK stamp duty and stamp duty reserve tax on certain issues and transfers.

Workation is no longer a foreign word. Workation has established itself in our linguistic usage and it is simply impossible to imagine the modern working world without it.

It is our pleasure to present to you the second edition of our WTS Global Mergers & Acquisitions Newsletter 2023. Presenting updates from 9 countries with a focus on the international M&A industry.

The draft legislation provides for regulations to be introduced that would require taxpayers to produce (and provide upon request) TP documentation in a specified format in line with the OECD recommended approach (such as Master file and Local file). In addition, HM Revenue & Customs proposed the introduction of a Summary Audit Trail. The UK had previously implemented the Country-by-Country Reporting requirement.

The UK Autumn Statement 2022 issued by Chancellor Jeremy Hunt, reverses much of the changes introduced by the Truss government and seeks to put the UK economy back on track.

On 20 July 2022, the UK government released the draft legislation on the Pillar 2 In­come Inclusion Rule (IIR) along with its response to the public consultation on the UK implementation of Pillar 2.

The Customs Declaration Service (CDS) has now officially replaced CHIEF as the customs declaration system for imports into the UK.

On 4 July 2022, the UK Government released a consultation outlining an updated approach sovereign immunity from direct taxation.

On 20 July 2022, the UK government published draft legislation on the Pillar Two Income Inclusion Rule (IIR) and its response to the public consultation on the UK Implementation of Pillar Two with the governmental position in the key areas.

At the TP Minds Conference which took place in June 2022 in London, senior tax officials and TP practitioners shared their experiences of dispute avoidance and resolution and other TP-related matters.

Changes to Economic Crime Act 2022 & Plans of HMRCs Business Risk Review & Crypto asset developments & Changes to the US Qualified Intermediary Agreement

The National Security and Investment Act (“NSI”) came into effect on 4 January 2022, alongside a series of guidance notes.

Since 2014, the European Union (“EU”) has progressively imposed restrictive measures against Russia in response to the illegal annexation of Crimea.

The UK is progressing to the next implementation stage of the Border Model and the lodging of customs declarations.

The UK has entered the next stage of Brexit. As part of the phased implementation of the UK Operating Border Model, most of the simplifications for entering and exiting goods in the UK have now been removed.

Following a public consultation on TP documentation, the UK government decided to introduce new legislation and require the largest MNE with presence in the UK to maintain a transfer pricing Master File, Local File and supporting Summary Audit Trail. The new requirements could take effect from April 2023.

On 11 January, HMRC launched its consultation on the implementation of Pillar 2 Rules in the UK, this is part of the OECD’s BEPS 2.0 project, which relates to the taxation of the digital economy.

The UK plastic packaging tax will come into force on 1 April 2022. The new tax will apply to plastic packaging manufactured in or imported into the UK that does not contain at least 30% recycled plastic. In this context, plastic packaging is defined as packaging that is predominantly made of plastic by weight.

"The Recast", is effective from 9 September 2021 – but what does it mean for industry?

Setting out, during a time of ‘challenge and change’, the 2021 Budget, including some key new tax policies and measures to begin to navigate out in the wake of COVID-19.

The UK government has opened a consultation process on changes regarding the transfer pricing documentation requirements valid in the UK. Our British colleagues explain the proposed changes.

Our summary of R&D Incentives provides guidance where such incentives are provided, and who in WTS Global can support you to gain from these incentives for your business or individually the most.

On 23 March, the inaugural "Tax Day", the Chancellor Sunak announced more than 30 tax policies and consultations with the stated aim of modernising the UK tax administration and policy development.

The HM Treasury announced a broad consultation in January 2021 to strengthen the international competitiveness of the UK asset management industry. In the process, HMRC has been given additional enforcement powers and the UK equity market shall be made more attractive for tech and SPACs in the future.

The United Kingdom is aiming at reducing ties with EU VAT rules by shortening the filing deadline for input VAT recovery claims of EU businesses to 31 March 2021.

Hansuke Consulting in cooperation with WTS Global and FIDAL invite you to join in the webinar "Brexit from DAC6: The FS Impact" on 3 February, 11.00 am CET.

From 1 January 2021 companies and advisors will have to make reports to HMRC in accordance with the International Tax Enforcement (Disclosable Arrangements) Regulations 2020 which implements EU Directive 2018/822, more commonly known as DAC6.

Making Tax Digital for VAT (MTD) is the UK’s attempt to ensure that all VAT records and submissions are electronic.

The UK is pressing ahead with its Digital Services Tax (DST) from April 1, 2020.

No-deal Brexit: assignees and their employers could face a double charge

The digital link requirement come fully into force until March 31, 2020

This week saw the 2018 UK Budget which signalled the end of austerity measures