Scottish Parliament Agrees New Income Tax Settings
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Scottish lawmakers have approved plans for the structure of the nation's new individual income tax regime, following the tax devolution agreement with the UK.
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Scottish lawmakers have approved plans for the structure of the nation's new individual income tax regime, following the tax devolution agreement with the UK.
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The UK Government should reform the business rates (commercial property tax) system in the upcoming Budget to support long-term business investment, the British Chambers of Commerce (BCC) has said.
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HM Revenue and Customs is proposing to extend to the Individual Saving Account tax advantages to investments held within an account after the death of the account holder.
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The Low Incomes Tax Reform Group (LITRG) has called for the UK Government to rethink a proposal that would see UK residents paying more tax if their pension is from an overseas provider.
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Eurogroup President Jeroen Dijsselbloem has warned the UK against attempting to establish itself as an "offshore tax haven" post-Brexit.
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HM Revenue and Customs (HMRC) has agreed its estimates of the money it would save by closing more than 100 offices are "unrealistic," according to a report from the National Audit Office.
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Financial Secretary to the Treasury Jane Ellison has said she aims to increase transparency surrounding HM Revenue and Customs's performance, saying its customer service "hasn't always been good enough."
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The amount of tax potentially underpaid by big businesses by shifting profits to other jurisdictions has increased by 60 percent in the last year, to GBP3.8bn (USD4.8bn), according to figures obtained by international law firm Pinsent Masons.
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The UK's First-tier Tax Tribunal has ruled against HM Revenue and Customs's current policy on the recovery of value-added tax (VAT) incurred on professional fees during a management buyout.
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The Chartered Institute of Taxation (CIOT) has welcomed support from the UK's Office of Tax Simplification (OTS) for its recommendation that National Insurance contributions (NICs) and income tax should be more closely aligned.
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