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Re: Brexit Development(s) Discussion
https://fullfact.org/online/brexit-n...hore-accounts/
Quote:
In practice, this aims to tackle large companies shifting profits from the EU country in which they were made to a country with a lower tax rate or “preferential” rules. This could be another EU country, or a non-EU country.
So these policies are about tightening up “systemic issues” to do with tax law in EU countries, to make it harder for companies to practice what the EU calls “aggressive tax planning”.
Most of these policies are already in place
Three of the five provisions of the new tax avoidance directive are already in place, with EU countries (including the UK) having to adopt them by 31 December 2018.
HMRC told us that the new EU rules on interest restriction and the general anti-abuse rule led to no changes in the UK, because the UK’s existing rules already met or exceeded the minimum standards set.
There were some minor changes made to controlled foreign companies rules, but none were expected to have any significant impact on individuals or the economy.
The two EU provisions not yet in place are on exit tax and hybrid mismatches. The UK must meet the EU’s new standards on these by the start of 2020.
HMRC told us the exit tax rules would lead to two “minor” changes.
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