UK Updates Anti-Avoidance Disclosure Guidance & Interest Deduction Limits

; posted on
March 2nd, 2018

Her Majesty's Revenue and Customs (HMRC) updated two legislations on making a tax avoidance scheme disclosure and group interest deduction limitation respectively.

Disclosure of Tax Avoidance Schemes: Guidance

This Guidance was firstly published in 2014 May, aimed at providing taxpayers who promote or use an arrangement designed to give a tax or National Insurance advantage with technical support in making a tax avoidance scheme disclosure. The latest update is how to determine an apprenticeship levy scheme (Section 13A) and what to do when you receive a scheme reference number for an apprenticeship levy scheme (Section 20A).

Corporate Interest Restriction on Deductions for Groups

Under current British law published in 2017 December, companies subject to UK Corporation Tax may be restricted to deduct their interest if their worldwide group expects to deduct more than £2 million a year in net tax-interest and other financing costs. The group may appoint a reporting company and send a corporate interest restriction return, and this update provides details on how to appoint a reporting company. The deadline to appoint a reporting company indeed depends on the group’s period of account, but for groups with the need to send a return, the reporting company must be appointed by 31 March 2018.

Sources:
UK Government - Disclosure of Tax Avoidance Schemes: Guidance
UK Government - Corporate Interest Restriction on Deductions for Groups

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