A round up of other news this week.
On 30 December HMRC published the first annual report on the operation of the Code of Practice on Taxation for Banks which covers activities in the period from 5 December 2013 to 31 March 2015. The report confirms that 303 banks had adopted the Code by 31 March 2015 and none of these were in breach of it during the period covered by the report.
A Memorandum of Understanding has been signed between HMRC and the Northern Ireland Executive’s Department of Finance and Personnel, Northern Ireland (DFPNI) setting out arrangements for implementing a devolved corporation tax rate.
KPMG Employers Club online briefing for January will be held on Tuesday 12 January at 10:00am. Matthew Fox will be providing an update on Short Term Business Visitors focusing on the current issues faced by employers. To register for this event, click here.
With consumer confidence faltering, the KPMG/Ipsos Retail Think Tank (RTT) warns that retail sales growth is set to edge back in 2016 from c1.8 percent to around 1.7 percent as consumers look to other sectors in which to spend their disposable income.
KPMG in the UK has predicted that the cost of the winter flooding could reach over £5 billion.
Confident UK businesses are looking homewards for growth, with fewer than one in five planning to invest in expansion abroad, according to a recent survey by KPMG in the UK.
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