International accountant and shipping adviser Moore Stephens say the UK government’s Autumn 2013 Statement, issued on 5 December, is good news for the shipping industry in that it ensures the continuation of a stable tax regime.
Moore Stephens tax partner Sue Bill says, “Overall, the Autumn Statement is fairly neutral for shipping, although some of the measures announced may be of interest to shipping groups. For example, capital gains tax will be payable on future gains made by non-residents disposing of UK residential property from April 2013. A consultation document will be published in early 2014. This is likely to affect international groups with non-resident companies owning UK residential property, although details are yet to be announced.
“The government has also confirmed that it will continue to tackle tax avoidance on the part of large businesses exploiting international tax rules in order to avoid paying tax. It will take forward the OECD’s Base Erosion and Profit Shifting (BEPS) action plan, which includes prevention of, among other things, double-tax treaty abuse. Also, from April 2014, additional rules will be introduced to prevent the artificial use of dual contracts by non-domiciled individuals.
“Finally, the government will consult on capping the amount of deductibles for intra-group leasing payments for large offshore oil and gas assets under bareboat charters.”
*Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world’s leading accounting and consulting associations, with 624 offices of independent member firms in over 100 countries, employing 21, 224 people and generating revenues in 2012 of $2.3 billion.