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CA Magazine

Every article from your latest print edition of CA Magazine

August 2008

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Treasury consultation call over tax on foreign profits

The Treasury has provided an update on the review of the taxation of foreign profits

Vodafone case judge rules that UK law on CFCs is unenforceable

The High Court has issued its judgment in Vodafone's controlled foreign companies (CFC) case.

Pay concession

HMRC has clarified its position on the application of residence rules to employment-related securities earnings but says legislation is a possibility

'Repayment' fraud alert

HMRC has updated warnings on scams aimed at persuading taxpayers to complete a form revealing their bank or credit card details on the pretext that a tax will be repaid directly into their bank account

MIke Clasper is new chair of HMRC

Mike Clasper, formerly chief executive of BAA and latterly operational managing director at Terra Firma Capital Partners, has been appointed chair of HMRC from 1 August

Foreign dividend error to be put right

In her speech announcing the third reading of the Finance Bill, the Financial Secretary Jane Kennedy MP said that because of an oversight, the rules for giving double tax relief on foreign income were not altered to reflect the reduction in the corporation tax rate

Draft fund management fees law published

Following the JP Morgan Fleming Claverhouse Trust case concerning the VAT treatment of some fund management services, HMRC has published draft law, an explanatory memorandum and some draft guidance on how the judgment will be put into effect

Refurbishment VAT victory for gallery

Whitechapel Art Gallery, a charity, has succeeded in its appeal to the VAT Tribunal over the application of the Lennartz principle to the refurbishment of a building to be used for both business and non-business purposes

High Court rejects tax avoidance appeal

The High Court in London has dismissed appeals by two sample participants in a tax avoidance scheme based on the definition of relevant discounted securities which, if successful, would have generated losses of £156m in 2001-02

Penalties confirmed for mistakes by foreign firms in VAT claims

It has been made clear that HMRC's new penalty system applying to errors in tax returns and other documents also applies to Eighth and 13th Directive refund claims

Striving for a better tax law

Donald Drysdale backs a suggestion from the former Tory Chancellor, Lord Howe, for a Government department to reform and reduce UK tax law

Financing plan

The FRC has revealed how it hopes to follow the Government's call fr it to be funded by participants

ASB sets out draft reporting standards

The Accounting Standards Board (ASB) has issued a Financial Reporting Exposure Draft (FRED) of Improvements to Financial Reporting Standards

Guidance on deals to limit audit liability

The Financial Reporting Council has published guidance on the use of agreements between companies and their auditors to limit the auditor's liability, as provided for under the Companies Act 2006

Credit union consultation

The Auditing Practices Board has published a consultation draft of Practice Note (PN) 27, the audit of credit unions in the United Kingdom. The consultation period ends on 25 September

CAs asked to help with commentary research

ICAS members are being asked to help research aimed at understanding the 'expectations gap' between users and preparers of management commentary in reports and accounts and related audit assurance

Pensions wind-up assistance

Following consultation, the Pensions Regulator has published guidance to help trustees of occupational pension schemes meet Government expectations that key wind up activities are completed within two years, an approach broadly welcomed by industry

Cash is king

Paul Hally suggests some legal strategies for making sure that cash flow continues strong in difficult economic conditions

Planning for a new tax

James Aitken and Stuart Brodie examine the options for Scotland now that planning gain taxation has been recognised as a devolved issue

Community values

Companies that can show that they are of particular value to the community can bene?t from special status that makes them easy to set up and ensures assets and earnings are not misused

ICAS #2 (link opens in new window)

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