Tina Robertson Writes on UK Profit Fragmentation and Necessity to Justify Profits and Expenses

Tina Robertson, a director and Abdul Mahmood, a senior associate in Duff & Phelps’ Compliance and Regulatory Consulting practice co-authored an article for Bloomberg on the measures proposed by the UK government to deal with avoidance schemes where UK-based traders and professionals avoid UK tax.

An extract of the article:

“The UK government believes that some profits from work carried out in the UK by UK traders, professionals and companies are partly being allocated to entities or individuals in overseas territories where no tax, or a lower rate of tax is paid, thus partially or fully avoiding UK tax. The Finance Bill issued on November 7, 2018 contained the ‘avoidance involving profit fragmentation arrangements’ measures. The new measures will apply from April 1, 2019 (or April 6, 2019 for non-corporates). The legislation is targeted at anti-avoidance and the rules are widely drawn to include companies, individuals and partners. … and seeks to address the issue of fragmented profits by bringing the profits accruing to UK traders, professionals and companies into the UK tax charge.”

Read the full article here.

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