HMRC launch Advance Tax Certainty Service for major investment projects
A first-of-its-kind service for the UK has been launched to provide tax certainty to businesses planning to invest in major projects.
HMRC have launched the Advance Tax Certainty Service to provide clarity on how UK tax rules will apply to major investment projects before project commitment. Businesses planning to invest £1 billion or more in qualifying UK expenditure over a project's lifetime will now be eligible to apply for certainty on key tax issues.
The government hopes that this assurance will help companies to invest with confidence in the UK. The service covers the following UK taxes and schemes:
- Corporation Tax.
- VAT.
- Stamp Duty Land Tax.
- Income Tax.
- PAYE regulations.
- Construction Industry Scheme.
HMRC have concluded that the Cabinet Office failed to take reasonable care when applying the Off-Payroll Working (IR35) rules. The Cabinet Office has set aside £38.5 million for unpaid Income Tax, National Insurance and interest. A penalty of up to £8.9m could follow.
The Parliamentary Business, Innovation, Science, and Trade Committee has launched a consultation into the difficulties facing new entrepreneurs and how they are supported.
