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Fortnight to 28 June 2018

Welcome to our latest update on recent developments in international and treasury tax of interest to multinationals operating in the UK.

HMRC press release: Low tax gap results in £71 billion for UK public services
The latest tax gap figures show the success HMRC has had in reducing revenue lost to the public. Read more in this HMRC press release.

Tax avoidance involving profit fragmentation
These are a proposed set of new anti-avoidance rules, currently in consultation, which are intended to be effective from 1 April 2019.

OTS review on simplifying tax relief for fixed assets
The Office of Tax Simplification (OTS) recently published a report that explores the issues surrounding the option of replacing capital allowances with accounting depreciation.