UK Allows Tax Certainty for Big Projects Already Underway

Companies can seek advance tax clearance for their billion-dollar investments even if projects are already in early stages of development, according to the UK tax authority.

The authority may share the tax clearance given to companies with another tax administration in order to meet its international tax agreements, His Majesty’s Revenue and Customs also said in its Advance Tax Certainty Service internal manual, which serves as detailed guidance for staff.

The initiative, which launches July 1, will give applicants binding clearance on how HMRC will apply taxes, including corporation tax, value-added tax, stamp duty land tax, and income tax. ...