Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 10/12/2012

United Kingdom - Taxing profits of multinationals; patent box guidance 

October 12:  HM Revenue & Customs (HMRC) released a “high level” briefing paper on the taxation of profits of multinational businesses.

The briefing paper [PDF 123 KB] was issued in response to media stories suggesting that some “high-profile” multinational businesses were not paying their fair share of corporation tax on profits made from business transactions with UK customers.

Patent box guidance

HRMC released guidance on the new patent box rules. The patent box guidance builds on a technical note and guide to the Finance Bill 2012 clauses and incorporates a number of examples to illustrate HRMC’s interpretation of the rules.


Comments on the guidance (which is expected to be updated in early 2013) are invited.


Read an October 2012 report [PDF 154 KB] prepared by the KPMG member firm in the UK: Weekly Tax Matters (12 October 2012)


Other topics discussed in the KPMG report include:


  • A consultation on shale gas investment
  • A consultation on resident but not ordinarily resident employees
  • Draft inheritance tax legislation to extend business property relief measures to “market makers” in other EU/EEA states
  • New “owner-employee” contract
  • VAT - Repayment supplement
  • HMRC single compliance process



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