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Autumn Budget 2018

Blog: Now’s the time to consider the direct tax consequences of Brexit
To date, companies have quite rightly been focusing their efforts on indirect tax consequences of Brexit; whether that’s additional VAT/customs costs or managing the possibility of delays at ports. Now is the time to start thinking about the direct tax consequences of Brexit. Read more in this blog by PwC’s Rachael Palmer.

GDF Suez Teesside Ltd: taxpayer loses at Court of Appeal re “fairly represents” rule
The taxpayer implemented an arrangement involving the tax free contribution of valuable loan assets to a subsidiary. No profit was recognised in the parent’s accounts, and hence no taxable profit appeared to arise. However, the FTT held that this was overruled by the “fairly represents” rule, and imputed a taxable profit. The UT and Court of Appeal have upheld the FTT’s decision.

UK / Austria tax treaty
A UK/Austria Double Taxation Treaty (DTT) was signed on 23 October 2018. It will enter into force once both countries have completed their respective parliamentary procedures and exchanged diplomatic notes.

UK Government unveils extensive measures to clamp down on global corruption, giving criminals “nowhere to hide”
£4.6 million of funding announced to support anti-corruption initiatives abroad, helping the public hold their governments to account. See this press release.