Author: Richard Collier

Unfortunately, yes. Tax continues to be a challenge for the charity sector, and VAT is no exception. The VAT regime can be a mixed experience for charities. There are beneficial rules on advertising spend (potentially zero-rated), fund raising events (exempt if qualifying) & sales of donated goods (zero-rated) amongst others, but significant challenges remain.

Read more: Tax on charities – surely not?

Rural businesses which run furnished holiday lets or livery stables could now benefit from Inheritance Tax relief following two favourable court cases.

Previously, neither holiday lets or DIY liveries qualified for Business Property Relief (BPR), as HMRC views them as investment activities rather than trading businesses. But the two court cases – which were won by the taxpayers – could be turning that on its head, explains Catherine Vickery, tax consultant at Old Mill accountants.

“There has been a raft of cases in the past few years where the taxpayer has lost out on this issue – perhaps there is now a change of tide against HMRC? It doesn’t mean that all liveries and holiday lets will qualify for BPR but it seems there are things you can do to increase your chances of success.”

Read more: Courts ease tax relief bindings for rural businesses

There is broad agreement between global Tax Authorities that the means by which companies in the digital sector can be subject to corporate tax in overseas territories has not kept pace with the manner in which many multinationals today generate profits across multiple locations.

Specifically, current international rules make it difficult to apply tax on companies which generate income from customers in a particular territory, but without any need for employees or premises to be in that location. Current tax principles generally require some form of physical presence overseas to enable the Authorities to pin a corporate tax liability onto the entity.

Read more: Taxation of the Digital Economy – Changes are Coming

This article discusses final and non-final withholding taxes, and the recent changes to withholding tax on disposal of property assets in Australia that may apply to both Australian resident and non-resident tax payers.

Final withholding tax Non-residents are not required to disclose their interest, dividend and royalty income in an Australian income tax return, as final withholding tax is deducted.  The rates of withholding tax vary across the tax treaties signed with other countries and are broadly:

Read more: Update on Australian withholding tax

Author: Michael Eagan

The Tax Cuts and Jobs Act (TCJA) added new Code sections 1400Z-1 and -2 to incentivize investment in certain designated low income or distressed communities (known as “qualified opportunity zones”). The IRS recently released Notice 2018-48, which provides a complete list of these designated opportunity zones. The list, segregated by state, provides census tract data for each opportunity zone.

Read more: Opportunity Zones Created to Incentivize Investments in Low Income Communities