Insights by This Professional
September 14, 2017
This week Majesty’s Revenue & Customs (HMRC), the U.K.’s tax authority, released key statistics related to the U.K. Diverted Profits Tax (DPT) . DPT of £138m has been collected during the period from April 2015 (when the tax was introduced) to April 2017. Diageo announced in May this year that it would be paying £107m, but intends to challenge the assessment, so it is possible some of the amounts collected will be refunded. HMRC also estimates it collected £174m of additional corporation tax from behavioral changes – this figure will be a low estimate and will only accurately capture situations already under HMRC enquiry.
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August 25, 2017
In March of this year HM Revenue & Customs (“HMRC”) published a consultation document in respect of non-resident companies who are chargeable to UK income tax and/or non-resident capital gains tax (“NRCGT”), particularly aimed at those owning UK property.