Published on 21 Mar 2014 • United Kingdom |
"It is like a hammer the size of Berkshire to crack a hazelnut. Or, maybe, a disguised bazooka aimed at adding to HMRC’s arsenal in the war against BEPS – you decide … BUT this new legislation is unbelievable widely drawn. Yes, the guidance has a few examples of arrangements that shouldn’t be hit, but this is a worrying example of HMRC’s growing trend to put out widely drawn legislation and then expect us all to rely on guidance for comfort. In light of Gaines-Cooper, how much comfort is that?"
"the most surprising thing about the Budget was the continued silence on the introduction of capital gains tax for non-UK residents owning residential property. A consultation paper was promised in early 2014 but the Budget papers merely say it will follow "shortly". Considering the brevity of the initial announcements, with no indication of whether it will extend to, for example, overseas funds investing in large residential portfolios, the delay in putting flesh on the bones is lamentable."
"I wonder: should this be the Budget to end Budgets? The Autumn Statement has increased in prominence with the success of the Government’s "new approach to tax policy making" since 2010. The early publication of draft legislation with greater scope for comment and consultation, is to be applauded – but does the tax (or even political) calendar really need two set piece occasions? We weren’t looking for fireworks, but few City corporate tax practitioners will have been excited by another Budget box of damp squibs."