UK flags record tax relief for creative sector

Tax reliefs continued to support the UK’s creative industries, including films and high-end television production, video games, and animation, contributing more than £700 million in the last financial year, the government said.

Productions benefiting from the reliefs included the award-winning Netflix series The Crown and the award-winning film Lady Macbeth, which was released in the U.S. on July 14. The creative sector employs two million people across the UK, according to a July 20 release issued by HM Treasury, HM Revenue & Customs, and the Department for Digital, Culture, Media & Sport. Read more:

My news story for Tax Analysts, July 24 (paywall)

FTSE 100 company defends tax policy and backs multilateral push for public country-by-country reporting

A FTSE 100 company has strongly denied engaging in tax avoidance, and has offered cautious support for steps toward the multilateral introduction of mandatory public country-by-country reporting of multinationals’ profits and taxes.

Responding to a report by Oxfam International, Reckitt Benckiser Group PLC (RB), a manufacturer of health, hygiene, and home products, said in a July 12 statement that it pays the correct amount of tax in each country where it does business: “As Oxfam recognises, RB’s tax policy is totally legal and the norm for the majority of global businesses. We comply with all our legal obligations and seek to do what is right by all the company’s stakeholders.” Continue reading FTSE 100 company defends tax policy and backs multilateral push for public country-by-country reporting

Another finance bill set to be passed with very little scrutiny

We now know that the 600 or so pages of finance bill measures withdrawn in April to make way for the general election will be reintroduced, with some technical amendments, “as soon as possible after the summer recess”. There will be very little time for debate in the shadow of the Brexit negotiations, but concerns continue to be expressed about the some of the measures.

It’s interesting to look back to mid-April, just before Theresa May called the election, when Andrew Tyrie, then chairman of the Treasury Committee, said he would continue to press the government to allow for MPs examining finance bills to consult tax experts before beginning detailed scrutiny of the legislation. Continue reading Another finance bill set to be passed with very little scrutiny

UK government postpones summer finance bill, extends digitisation timetable

The UK’s “summer finance bill” will now be introduced in September and will set out a deferred timetable for implementation of the controversial Making Tax Digital programme, the government announced …

Taxpayers and advisers had been “waiting with bated breath” for news of the finance bill, CIOT President John Preston said. While the measures dropped from the pre-election bill will be reintroduced in “more or less the same form,” detailed questions remain to be answered … Read more:

My news story for Tax Analysts, July 14 (paywall)