Corporate tax update August 2019

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team.

This month’s update reports on the key developments from July 2019 and includes a summary of the key business tax measures coming out of the publication of the draft Finance Bill 2020 legislation. There is also commentary on the draft regulations and consultation document published by HMRC on the UK’s implementation of DAC6 (mandatory disclosure of cross-border tax planning arrangements).

High Court quashes “outrageous”, “irrational” and “conspicuously unfair” HMRC decision to deny claim for repayment of under-recovered input VAT
On 26 July 2019, the High Court in an application for judicial review of an HMRC decision to refuse a claim for repayment of under-recovered input VAT, held that HMRC’s decision must be quashed. Read more

HMRC publishes draft regulations and consultation document on DAC6
On 22 July 2019, HMRC published draft regulations and a consultation document on the UK’s implementation of Council Directive 2018/822 (DAC6). Read more

Draft Finance Bill 2020
On 11 July 2019, the government published draft Finance Bill 2020 legislation. Various policy papers, consultation responses and other documents were published at the same time. Read more

ECJ rules in University of Cambridge VAT case (recoverability of VAT on investment management fees)
On 4 July 2019, the ECJ held that the University of Cambridge (the University) was not entitled to deduct input tax on investment management fees. Read more