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UK Tax Budget 2012

UK Tax Budget 2012 - The Association of Taxation Technicians has produced a Special Report on the March Budget in their April 2012 Newsletter. The full Report is detailed below: The contents of George Osborne’s third Budget were so well rehearsed that the real thing threatened to be an anti-climax. Was there anything left...

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Significant Tax Changes Announced in Spain 2012 Budget

On March 30, 2012, the Spanish government announced the 2012 budget. At the same time, the government approved Royal Decree-Law 12/2012, which introduces a number of relevant changes in the corporate tax area, including new limitations on the deductibility of interest expense. Interest-capping rule Following a trend started by other European governments,...

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Spain – Regional Administrative Tax Court Acknowledges the Application of EU Law over Previous Discriminatory National Law

The Madrid Regional Administrative Tax Court (known as “TEAR”) in a decision dated 29 November 2011 (notified on 27 December 2011) acknowledges the application of EU Law over previous discriminatory National Law on the treatment of EU resident pension schemes (in this particular case, a UK pension fund). In this...

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NEW TAX AND FINANCIAL MEASURES ADOPTED BY THE SPANISH GOVERNMENT

A BRIEF SUMMARY OF THE NEW TAX AND FINANCIAL MEASURES ADOPTED BY THE SPANISH GOVERNMENT On December 30th 2011 the newly elected Spanish government approved Royal Decree 20/2011 enacting a first package of urgent tax and economic measures to correct the Spanish public deficit. Among these measures, international private clients should be...

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Asking HMRC for Advice; Inheritance Tax – Documenting Lifetime Transfers; Stamp Duty Land Tax

The following articles appeared in Tax Insider: Sleeping with the Enemy – Asking HM Revenue and Customs for Advice on Tax By James Bailey | April 2010 James Bailey points out that free advice is not always the best advice. This article is being written by request – apparently from time to time people tell the Tax...

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BRIEF SUMMARY ON THE RETURN OF SPANISH WEALTH TAX FOR 2011 AND 2012

In 2008 the Spanish Government chose to ‘eliminate’ wealth tax by applying a 100% exemption, instead of derogating the law. On 17 September 2011 the wealth tax was reintroduced by the Spanish Government as an ‘emergency economic measure’. The 100% exemption was changed to a tax free allowance of 700.000€...

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2010 OECD Model Tax Convention, Transfer Pricing and updated PE definition

The OECD Council has approved the 2010 versions of the OECD’s Model Tax Convention, the 1995 Transfer Pricing Guidelines and the 2008 Report on the Attribution of Profits to Permanent Establishments....

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Gibraltar update on Tax Information Exchange Agreements TIEAs

The list below contains the Tax Information Exchange Agreements (TIEAs) signed by Gibraltar. Belgium-Gibraltar (16 December 2009) Iceland - Gibraltar (16 December 2009) Sweden - Gibraltar (16 December 2009) Faroes Islands - Gibraltar (20 October 2009) Finland - Gibraltar (20 October 2009) Greenland - Gibraltar (20 October 2009) Portugal -...

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