United Kingdom - Government’s action plans for tax transparency 

June 21: The UK government, followed by the Crown Dependencies and Overseas Territories, in connection with this week’s G-8 summit, announced "action plans" to promote tax transparency.

According to the UK government and Crown Dependencies and Overseas Territories announcements, the action plans will provide concrete steps intended to clarify and implement standards on beneficial ownership.

Read a June 2013 report [PDF 159 KB] prepared by the KPMG member firm in the UK: Weekly Tax Matters (21 June 2013)

Also included in the report are the following issues:

  • OECD report on automatic information exchange
  • Updated CFC guidance
  • Consultation – modernising the taxation of corporate debt and derivatives
  • Trail commission – additional guidance for life insurers
  • Finance Bill – Statutory residence test
  • Finance Bill – Annual tax on enveloped dwellings
  • RTI – Relaxation of reporting requirements extended
  • RTI – Paying HMRC
  • RTI – Annual schemes
  • Consultation – Social enterprise relief
  • Supreme Court ruling in a landmark divorce case - Prest

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