ARTICLE · 22 JULY 2016

Weekly Tax Update - 18 July 2016

Smith & Williamson

Explore more from Smith & Williamson

Weekly Tax Update - 18 July 2016.

United KingdomTax

Smith & Williamson

1. General

1.1 Fiscal events and new Treasury ministers

The new Chancellor of the Exchequer, Rt Hon Philip Hammond MP, has confirmed in a television interview that there is no intention to have a 2016 emergency Budget but that there will be an Autumn Statement in the normal way. We look forward to his statement later in the year.

Jane Ellison MP has been appointed as the new Financial Secretary to the Treasury, replacing David Gauke, who has been promoted to Chief Secretary to the Treasury.

We welcome them to their new roles and wish them all the best. Following the various delays in issuing consultation documents, we would urge them to take stock of the making tax digital timetable before proceeding.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Boat Transactions Guide: Everything You Need To Know When Buying Or Selling A Boat

United KingdomTax

Russell-Cooke LLP

Buying Or Selling A Boat In The UK: Common Pitfalls And How To Avoid Them

United KingdomTax

Russell-Cooke LLP

The Mansion Tax: Considerations For US Property Owners And Investors Of Premium Residential Property

United KingdomTax

Russell-Cooke LLP

Changes To Pension Tax Treatment Create Significant Risks For Personal Representatives

United KingdomTax

The Royal Tax Break: Why Six Years Abroad Could Matter For Harry And Meghan

United KingdomTax

Russell-Cooke LLP

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Tax

Related Comparative Guides

Comparative Guide

Tax

Comparative Guide

Tax Disputes

See more popular content from

Tax

Has Your Mauritian Transfer Pricing Documentation Kept Pace With The Mauritius Revenue Authority?

On June 10, 2019, the Hon. Prime Minister and Ministry of Finance & Economic Development of Mauritius presented the 2019-20 Budget.

United KingdomTax

DLA Piper UK LLP

What Are Exit Taxes And How Do They Work?

As the UK anticipates its first Budget under Andy Burnham's premiership on 28 October 2026, questions arise about whether 'Manchesterism' will introduce an exit tax regime. This analysis examines how different jurisdictions—from Canada's deemed disposal system to France's targeted charges on substantial holdings—tax individuals leaving their borders, and explores what form a UK exit tax might take if implemented.

Treasury Committee calls for better and cheaper tax compliance

United KingdomTax

US FATCA In The UK - Updated HMRC Guidance Notes Released

Today HMRC released updated Guidance Notes on implementing FATCA in the UK.

United KingdomTax

Andy Burnham’s Property Tax Reform: What High Net Worth Individuals Need To Know

Burnham has consistently advocated for replacing council tax and stamp duty with a land value tax - an annual levy charged on the value of the land itself, rather than the buildings on it.

United KingdomTax

Capital Gains Tax And Private Equity Tax Under A Labour Government: What We Know So Far

Labour plans to defer major tax changes until the autumn Budget. Key potential changes include raising capital gains tax, altering private equity taxation, and possibly integrating capital gains and inheritance tax rules.

United KingdomTax

Remote Working And Permanent Establishment Risk: An Updated Guide

The OECD has updated its guidance on when remote working arrangements create a permanent establishment for tax purposes, introducing a new 50% threshold test and a 'commercial reason' analysis. These changes fundamentally alter how businesses must evaluate their cross-border home working policies and could result in unexpected tax obligations in jurisdictions where employees work remotely.

United KingdomTax

Travers Smith LLP

Frequently Asked Questions About IRS Clearance And Form 706-NA

UK executors and beneficiaries dealing with US assets face significant delays in obtaining IRS Transfer Certificates, with waiting times now extending to two or three years. This comprehensive FAQ addresses the critical questions surrounding Form 706-NA applications, US estate tax requirements, and the practical challenges of administering estates containing US shares and investments when the deceased was not a US citizen.

Lester Aldridge LLP

UK ‘Windfall’ Bank Tax Would Worsen An Already Complex System

UK banks face the prospect of a new windfall tax as campaigners push for additional levies on strong reported profits, while industry leaders warn of potential consequences for lending, investment, and the UK's position as a global financial centre. This analysis examines the practical implications of adding another layer to an already complex sector-specific tax regime that includes corporation tax, banking surcharge, and bank levy.

United KingdomTax

Taxation Of Earn-Outs On Business Sales: Capital Gain Or Disguised Salary?

HMRC is increasing scrutiny of earn-out arrangements, particularly where founders remain involved in the business after completion and deferred consideration depends on future performance of the target company.

United KingdomTax