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Budget 2016: State Aid Information Powers

Budget 2016: State Aid Information Powers

  • United Kingdom
  • Tax planning and consultancy - Budget

16-03-2016

The Finance Bill 2016 will include details of new powers to be given to allow HMRC to collect additional data from businesses which are in receipt of certain tax reliefs and allowances. These new powers will aim at facilitating the monitoring of State aid compliance, and have been deemed necessary in the context of the European Commission’s 2012 initiative to modernise EU State aid rules, including as regards compliance monitoring. EU State aid rules generally prohibit the use of State resources to grant selectively an advantage (e.g. a tax relief) to any organisation that could distort competition and affect intra-EU trade. Greater transparency and monitoring at the national level is meant to help reduce the number of aids that require detailed examination by the European Commission before they can be implemented.This development is equally interesting because as the EU Commission is currently seeking s to use state aid legislation to combat what it perceives as the grant of selectively favourable tax rulings  to certain multinationals.

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