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On November 24, 2022, the Government published response to consultation on the implementation of the OECD’s “Compulsory Disclosure Rules for the Common Reporting Standard (CRS) on Termination of Contracts and Opaque Offshore Structures in the UK” (see previous article). The UK had previously applied similar but much broader EU rules (DAC 6) in January 2020 as an EU member state at the time, however shortly before reporting was due to start on 1 January 2021 they were significantly reduced to exclude elements that were not in the OECD model rules. The new rules implementing the OECD model rules, which will come into force in the first half of 2023, will completely replace the existing UK rules (based on criteria D of the EU rules). The response to the consultation notes two recent decisions on the UK’s implementation plan for the OECD rules. First, it will be good news that you should only report on pre-existing agreements for those that entered into force on June 25, 2018 (and not on October 29, 2014). Secondly, the government has decided that it will not provide a manual online reporting system for businesses, instead requiring reporting using XML software. HMRC will continue to work with stakeholders to develop a rulebook.

On Tuesday, November 22, 2022, the Department of Upgrading, Housing and Communities launched consultation on the building security fee. The proposed building safety levy, announced in February 2021, aims to ensure that taxpayers and tenants do not have to pay repair costs associated with renovating unsafe buildings. The fee will be levied on new residential buildings requiring building authority approval in England and will be paid by developers. The consultation seeks opinions on the structure and application of the levy, including what asset classes it will be charged on, how it will be calculated, what the rates will be, and who will be responsible for collecting the tax. The consultation will end on February 7, 2023.

From April 1, 2023, the main corporate tax rate will increase to 25 percent for companies with profits above the £250,000 ‘cap’. A 19 per cent “low income tax rate” of income tax will apply to companies with profits that do not exceed the “floor cap” of £50,000. If a company’s earnings are between the upper and lower limits, marginal relief will be applied to ensure that the corporate tax rate is gradually increased to the base rate. The upper and lower limits will be proportionally reduced for short reporting periods, as well as for the number of “associated companies”. In a broad sense, a company is an associate of another company at any time when one of the two companies controls the other or both are controlled by one or more persons. The definition of control for these purposes also takes into account the existence of a relationship of “substantial commercial independence” between the two companies. New rules,Corporate Tax Act 2010 (Factors Determining Material Business Interdependence) Regulations 2022‘, effective April 1, 2023, which set out the factors to be considered in determining whether a relationship between two companies constitutes a “substantial commercial interdependence”. The definition of “associated companies” will also have implications for the quarterly setup fee regime, small claims consideration under the patent box regime, and capital adjustment rules for long-term assets from April 1, 2023, as it replaces the current “51% of group companies” criterion. .

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By Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org