A round up of other tax news this week.
The Chancellor, Sajid Javid announced on 14 October that he was planning to hold a Budget on Wednesday 6 November. However, on 25 October he confirmed that the Budget will no longer go ahead on that date due to the Government’s desire to hold a General election on 12 December so it is currently uncertain when the next Budget will take place.
In October, the UK and Gibraltar signed the first double taxation agreement for the elimination of double taxation with respect to taxes on income and on capital gains and the prevention of tax evasion and avoidance. The treaty covers income tax and corporation tax in Gibraltar and income tax, corporation tax and capital gains tax in the UK. The agreement has not yet entered into force and will do so when both jurisdictions have completed their legislative procedures and exchanged diplomatic notes. A tax information exchange agreement had already been in place from 2009.
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