Business and Other Briefings

HMRC: Two consultation documents aimed at enhancing the way HM Revenue & Customs (HMRC) deals with transfer pricing enquiries and rulings and clearances, have been published.
 
Consultation document ‘HMRC approach to transfer pricing for large business’ (closes 15 September 2007) looks at:
ways in which HMRC can better target its transfer pricing enquiries and focus on the right issues
resolving transfer pricing enquiries faster, with an 18 month completion timetable as the norm
devoting more resources to transfer pricing with more specialist input
 
The other document, ‘Giving Certainty to Business through Rulings and Clearances’ (closes 12 September 2007) considers:
giving businesses who seek HMRC's view on significant issues both pre and post transaction, a binding view within 28 days, and
providing binding rulings across all relevant taxes for businesses that provide clear plans for investment.
Press release ~ HMRC approach to transfer pricing for large business’ ~ Giving Certainty to Business through Rulings and Clearances’ ~ HMRC: Budget 2007: Making a difference – delivering the Review of Links with Large Business
 
HM Treasury: Paymaster General, Dawn Primarolo MP, has announced the publication of a joint HM Treasury and HM Revenue and Customs discussion document on reforming the taxation of foreign profits of companies. 
 
The Government is proposing a package of structural reform, intended to modernise & create a more straightforward regime for taxing foreign profits.  The aim is to achieve a balanced, broadly revenue-neutral package that meets the needs of both business and Government.
 
Discussions will be held over the summer, closing on 14 September.  Contributions are invited from business and other stakeholders.
Press release ~ Taxation of the foreign profits of companies: a discussion document
 
DTI: Small Business Minister Margaret Hodge has claimed that a simplification of the number of business support schemes from 3,000-plus to under 100 is at the centre of new proposals to help small business (consultation closes 14 September 2007) – See ‘Consultations’ section above.
 
OFT: The Office of Fair Trading has issued for consultation (closes 10 August 2007) revised guidance on the so-called 'markets of insufficient importance' or 'de minimis' exception in merger cases with the intention reducing the system's cost to business and the taxpayer.
Free, Secure, Compliant UK Public Sector IT Recycling Service