Your overseas assets, income or gains HMRC letter

Many UK taxpayers in the last few months have surprisingly found in their mailbox a letter from HMRC about “Your Overseas Assets, Income or Gains” in which they were informed that HMRC has obtained information from overseas tax authorities about assets held by them in foreign jurisdictions on which they may have a UK tax […]

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Yesterday, 3 March 2021 the Chancellor, Rishi Sunak, delivered his second Budget. Given the dire straits of the country's finances due to the effects of the fight against Covid-19 many were expecting tough measures. Therefore, the Chancellor realized that what the country needs at the moment is a boost to the economy rather than fiscal […]

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State aid: Commission approves prolongation of UK Enterprise Management Initiative scheme

The European Commission has approved under EU State aid rules the prolongation of the UK Enterprise Management Initiative scheme, which reduces the taxation of employee share options for small and medium sized enterprises (SMEs). Under the scheme, employees of SMEs benefit from reductions from income tax and/or national insurance contributions, when exercising their share options. […]

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Treaty between Russia and UK - Russian MoF clarified whether partnerships may benefit from tax treaty provisions

On 07 February 2013, the Ministry of Finance issued Letter No. 03-08-13 clarifying whether a limited liability partnership (LLP) incorporated under the UK legislation may be considered a person for the purposes of the Russia - United Kingdom Income Tax Treaty (1994) (the Treaty). According to article 1 of the Treaty, persons who are residents […]

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India - Decision on method of valuation of shares for determining ALP for sale of shares

The Indian Income Tax Appellate Tribunal (ITAT) delivered its decision on 2 January 2013 in the case of Ascendas (India) Pvt. Ltd. v. DCIT (ITA No. 1736/Mds/2011) that the Discount Cash Flow (DFC) method is preferred over the erstwhile valuation guidelines issued by the Controller of Capital Issues (CCI) in order to determine the arm's […]

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