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<p>The UK has been at the forefront of international efforts to tackle corporate tax
avoidance through the OECD Base Erosion and Profit Shifting (BEPS) project, which
was completed in 2015.</p><p> </p><p>The UK has committed to introducing country-by-country
reporting from 1 January 2016 and rules to deal with hybrid mismatch arrangements
from 1 January 2017. As set out in Autumn Statement 2014, these measures are estimated
to yield around £45 million and £260 million respectively over the next five years.
The policy costings were certified by the independent Office for Budget Responsibility.</p><p>
</p><p>The Government has also consulted on the OECD recommendations on the design
of rules to prevent groups from gaining excessive tax deductions for interest expense,
and how the OECD report on the definition of substantial activities in the context
of preferential intellectual property regimes impacts the UK Patent Box.</p>
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