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Archive for November 2011

The Autumn Statement

The Chancellor ‘s Autumn Statement was, as expected, a fairly gloomy affair. Whilst observers were pleased to see the Office for Budget Responsibility still predicting growth (even if just 0.7%) next year; the depth to which we are dependant on Europe and the rest of the world was brought home in no uncertain terms. From…

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HMRC targets those with homes overseas

The days when overseas property and investments were largely invisible to the UK tax authorities are well behind us. International treaties together with the availability of computerised records mean that HMRC are able to access vast amounts of information about our affairs across the globe. One of HMRC’s latest targets relates to overseas homes. Initially…

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Funding for films

The Prime Minister, David Cameron, has announced the extension of the film tax relief scheme until December 2015. The scheme, which in the past has helped to find projects such as the Harry Potter films and the currently in production James Bond film, provides tax reliefs of up to 25% of production costs. To be…

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VAT and Compound Interest

Those dealing with straightforward VAT input and output calculations may not be aware of the complexities of VAT when it comes to international transactions or the extent to which the European Court of Justice (ECJ) has an influence on more complex VAT questions. In fact there are numerous occasions on which the UK tax tribunals…

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EU proposal for financial transaction tax

On 28 September 2011 the EU commission formally proposed to institute a common financial transaction tax (FTT). The tax is not expected to become effective until 1 January 2014, subject to the Council of Europe accepting the proposal. Whilst day to day activities such as mortgages and insurance contracts would remain outside the scope of…

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