• Service: Tax, Global Indirect Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 3/28/2014

United Kingdom - Finance Bill addresses accelerated payment, dual contracts 

March 28:  The UK Finance Bill 2014 was published 27 March 2014, and has already had its "first reading" and is scheduled for its "second reading" on 1 April 2014.

The UK Parliament website has a dedicated webpage that provides full text of the bill and, as the legislation progresses through Parliament, will provide other information including details of proposed amendments and links to the Parliamentary debates.

The Finance Bill 2014 includes clauses that would:

  • Require "accelerated tax payment" for arrangements within the "disclosure of tax avoidance scheme" (DOTAS) regime and situations when a counteraction notice under the general anti-abuse rule has been issued
  • Amend legislation regarding "dual contracts" in order to clarify the rules to avoid targeting arrangements not made for tax avoidance purposes

Read a March 2014 report [PDF 873 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (28 March 2014)

Also included in the report are the following topics:

  • BEPS Action 1 discussion draft – Tax Challenges of the Digital Economy
  • Council of the EU approves amended Savings Directive
  • FTT decision on management expenses
  • European Commission approval granted for video games tax relief
  • HMRC open Bank Levy banding consultation
  • Mr Ian Owen – FTT decision
  • NHS Lothian Health Board – FTT decision
  • NICs Act 2014 receives Royal Assent
  • Employment Allowance
  • RTI round up
  • Annual Tax on Enveloped Dwellings – Key dates for 2014/2015
  • Paintings as "wasting asset" – Court of Appeal decision

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