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.
Britain’s companies are facing a critical challenge with over one in five working-age adults out of the workforce, with ill-health and disability as major drivers.
HMRC have clarified the position on Self Assessment tax return reporting requirements for directors of close companies and updated their guidance for directors of charities.
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