Welcome to the Financial Director Guide to: Global Tax Strategy, brought to you in association with PricewaterhouseCoopers .
Corporate tax strategy continued to gain greater prominence in 2006, with several high-profile events making sure tax remained an issue for the board. In November, Hiscox shareholders approved a corporate reorganisation that would see its HQ relocate to Bermuda; a month earlier, HSBC’s head of financial planning and tax Chris Spooner said the bank had been approached by a number of low tax jurisdictions, adding that it would not baulk at a move to foreign shores. Meanwhile, the European Court of Justice continues to eat away at EC member states’ tax sovereignty.
In this second Financial Director Guide to: Global Tax Strategy we take an in-depth look at all of these stories, as well as many more – and investigate how they could affect you.
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BOARD TAX STRATEGY: Game plan
Company boards are starting to treat taxation as a strategic issue. There’s much more to it than simply trying to pay less.
UK TAX COMPETITIVENESS: Haven can’t wait
Insurance group Hiscox goes to Bermuda to save tax. HSBC said it could do likewise. Britain is no longer a low-tax zone.
INTERNATIONAL TAX: Global warning
As the OECD tries to clamp down on ‘non-compliance’ by international companies, it creates new risks for business.
EUROPEAN LAW: Sweet victory
Hundreds of companies are chasing billions of pounds as they take their tax cases to the European courts.
EUROPEAN LAW: Perfect harmonisation?
The idea of having just one European tax code instead of 27 sounds attractive. And it might be here by 2011.
GREEN TAXES: Green with envy?
Less than 8% of tax revenue comes from so-called green taxes – and most of that is fuel related. Do they actually work?
COMPLEXITY: Feeling complicated
HMRC says it is trying to cut companies’ compliance burden. Can technology help?
TAX REPORTING: Reveal all
A single line in the P&L is no longer adequate to explain companies’ tax bill – nor all the other taxes they pay.
BROWN’S LEGACY: Debt and taxes
Chancellor Gordon Brown’s record-breaking performance isn’t as good as it seems, as his successor will soon find out.
The Spring Budget 2017 saw Philip Hammond commit to lowering corporation tax - was it a missed opportunity to lower the rate sooner?
Vernon Dennis of Howard Kennedy LLP explores HMRC's approach to the tax gap, and the tax authority's relationship with financial directors
In the first article of a series exploring recent tax developments and the challenges they present to companies in the UK, Lydia Challen looks at the key tax issues affecting CFOs
Kevin Hindley of Alvarez & Marsal Taxand UK LLP examines how businesses should approach the publication of their tax strategy, and outlines the key challenges for company boards