A new service for tax certainty on major projects
1 minute read
In an article for Tax Journal, Partner Gregory Price and Associate Finn Halton explore the likely impact of HMRC’s new advance tax certainty service for major investment projects which will be introduced this summer.
A new advance tax certainty service for major investment projects will be introduced in July. This dedicated HMRC service aims to offer taxpayers planning UK investments of £1bn or more certainty on the application of tax law to their circumstances. Only qualifying persons, including non-UK residents controlling the investment, can apply. The service covers corporation tax, VAT, SDLT, income tax, PAYE regulations and the construction industry scheme, but excludes valuation, anti-avoidance, purpose tests, speculative proposals and certain transactions not integral to new UK investment. While this is a positive development, its effectiveness will depend on its ability to provide sufficient certainty to secure investor confidence, an area where existing routes have sometimes fallen short.
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