Updated OECD commentary to the GloBE rules
CFE Tax Advisers Europe has published a summary of five recent tax developments affecting taxpayers in Europe. This includes the publication by the OECD of an updated version of the Consolidated commentary to the global anti-base erosion (GloBE) model rules. The commentary explains the intended outcomes under the GloBE rules, clarifies the meaning of certain terms and illustrates the application of the rules to certain fact patterns.
Companies in liquidation and the CIHC rules
HMRC has updated its guidance on completing the company tax return to include guidance on completing box four (type of company) where the company is in liquidation. If the company is in the first year of liquidation, enter 0 unless one of the other company types apply. If the company is in the second or later year of liquidation, enter 3. This will help ensure the correct application of the close investment holding company (CIHC) rules.
Students encouraged to use HMRC’s app
HMRC has encouraged students completing student loan applications to use HMRC's app to obtain their national insurance number. ICAEW’s Tax Faculty has published an article explaining the benefits of using HMRC’s app.
Renew claims for tax credits
HMRC has announced that tax credit claimants will receive their annual renewal notices between 2 May and 19 June. Some claimants will need to check their information and renew their claim by 31 July, or risk having their payments stopped. They can do this on HMRC’s app or via GOV.UK.
Tax Faculty
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