Draft legislation and supporting documents for UK Finance Bill 2019–2020, the vehicle for delivering new UK tax proposals, were published today. There are a couple of new consultations.
Included in today’s package is draft legislation and supporting documents on a UK digital services tax. This comes only one day after the US announced it was investigating the French digital services tax, passed by the French Senate today, to determine if the French law discriminates against US companies.
Other highlights of the UK package include draft legislation and supporting documents on:
- Changing the rules on off-payroll working from April 2020;
- Corporate capital loss restrictions for gains after April 2020;
- Widening the scope of capital gains tax relief on loans to traders;
- Deferral of corporation tax payments in certain circumstances for EU group asset transfers;
- A widening of share loss relief;
- Minor technical amendments to the general anti-abuse rule.
MNE Tax expects to publish an in-depth article on the new UK tax proposals shortly.
Looking forward to an in-depth article. Regards.