ARTICLE
27 June 2017

Weekly Tax Update - 26 June 2017

In this week's tax update: Queen's Speech mentions Summer Finance Bill 2017, tax repayment position for carried back loss under enquiry, glazing salesman - self-employed or employed...
United Kingdom Tax

Welcome to Tax update, which provides a round-up and explanation of the latest tax issues.

In this week's tax update: Queen's Speech mentions Summer Finance Bill 2017, tax repayment position for carried back loss under enquiry, glazing salesman - self-employed or employed, Smith & Williamson wins a significant corporation tax case in the FTT.

1 General

  • Queen's Speech mentions Summer Finance Bill 2017
  • Timescale extended for disclosure under HMRC Worldwide Disclosure Facility
  • Late application for enhanced protection
  • Responses to Making Tax Digital sanctions consultation
  • Updated guidance on tax avoidance schemes
  • FATCA – renewal of foreign financial institution (FFI) agreement

2 Private client

  • Deductibility of receiver's and legal fees
  • Tax repayment position for carried back loss under enquiry
  • Valid negligible value claim
  • Criteria for filing tax return updated
  • HMRC tax calculation summary notes updated

3 PAYE and employment

  • Glazing salesman - self-employed or employed
  • June Employer Bulletin

4 Business tax

  • Smith & Williamson wins a significant corporation tax case in the FTT
  • Mandatory public country-by-country reporting
  • CJEU preliminary ruling on Belgian domestic legislation
  • Indian Supreme Court ruling on Permanent Establishments
  • Financial Transactions Tax plans to be published
  • EC proposes new rules for intermediaries to tackle cross-border tax planning

5 And finally

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We have taken care to ensure the accuracy of this publication, which is based on material in the public domain at the time of issue. However, the publication is written in general terms for information purposes only and in no way constitutes specific advice. You are strongly recommended to seek specific advice before taking any action in relation to the matters referred to in this publication. No responsibility can be taken for any errors contained in the publication or for any loss arising from action taken or refrained from on the basis of this publication or its contents. © Smith & Williamson Holdings Limited 2017

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