Taxation

UK Budget Changes Affecting UK Property

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By David J Kidd, Citroen Wells Financial Audit & Accountancy Services


London as favoured location? There was a recent report that London and New York are still the favoured places for the world's wealthy to buy houses, but competition is growing from Beijing and Dubai. Quality of life and economic activity were, according to the report, among key factors for the wealthy in choosing where to invest. London came top of the list in most factors and was still expected to be top of the list in a decade's time. This report was prepared prior to the UK Budget on 21st March 2012 when adverse tax measures, uncertain in detailed scope, were announced; and it remains to be seen whether London can continue to be a favoured place. This article covers the main changes.

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Taxation

EU Parliament in favor of common corporate tax base


On April 19, 2012, the members of the European Parliament voted in favor of the compulsory introduction of a common corporate tax base with a clear majority of 452 against 172 votes at first reading of the consultation procedure. With this decision, the Parliament goes beyond the draft legislation of the European Commission, which only provides for a voluntary system.

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Taxation

Double taxation hampers the single European market

An excessive tax burden due to ongoing double taxation for companies and citizens engaging in cross-border activities constitutes a serious obstacle for the internal European market. The EU Commission wants to eliminate this obstacle in order to further ease investments and business activity in the EU. In this regard Algirdas Šemeta, EU Commissioner for Taxation and Customs Union, stated: "We have to send a signal to all citizens, companies and trade partners: there is no double taxation in the EU."

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Taxation

German-French tax harmonization should not disadvantage companies

Germany and France are planning a shared corporation tax, including a harmonized basis for assessment and tax rates. The results of a proposal, which is to be developed jointly, should be implemented from 2013. In any case, this is what what decided by German Federal Chancellor Dr. Angela Merkel and the French President Nicolas Sarkozy at their summit meeting in August 2011.

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