Latest tax and investment news
Corporation tax avoidance regime to be reviewed
Proposals to overhaul an unpopular regime aimed at discouraging corporation tax avoidance for multinational companies will be set out by the Treasury today (January 26th).
A Treasury discussion document will outline proposals to change the focus of the complex controlled foreign companies regime, which is designed to prevent the diversion of taxable profits to low-tax jurisdiction, the Financial Times reports.
The proposals are intended to focus on the artificial diversion of offshore income rather than taking a broader catch-all approach in order to improve the UK's credentials as a financial centre.
Stephen Timms, financial secretary to the Treasury, told the paper: "It is crucially important for strengthening the attractiveness of the UK as a base for headquarters of international businesses."
The Treasury also says it accepts that actively managed intellectual property should be exempt from anti-avoidance regulations.
In other tax news, a government computer glitch could lead to thousands of people in the UK overpaying their tax bills next year.
Posted by Jon Cummins
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