The lull before reform

Article Abstract:

The corporation tax under the UK Finance Act of 1990 will remain at 35% and 25%, and there are higher profit limits for small companies, but many corporations still have an effective tax rate of 37.5%. The Act eases some of the international aspects of UK tax, allowing the deferral of intra-group chargeable gains on transferals of UK branches to a UK company. In the area of European Community (EC) transactions, tax law will recognize European Economic Interest Groupings, and consent for some EC transactions will move from the Treasury to Inland Revenue. The Finance Act is putting into place the final pieces of legislation preceding the imminent 'Pay and File' regime, under which companies will submit tax returns much sooner in order to avoid penalties and interest.

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Current tax - what next?

Article Abstract:

The British tax law is constantly changing and this makes it difficult for business owners to differentiate between significant changes and minor ones. Tax regulations regarding such matters as death duties and profit related pay have been changing, and membership in the European Community is expected to bring in more changes. Although it is hard to predict changes in the tax system, there are indications that income tax rates may rise, that the current "choice" between capital gains tax and inheritance tax at 40% will continue, and that it might be the right time for international companies to consider tax efficient reorganizations.

Interpretation and construction, Tax law, Influence, European Union, Tax policy

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