Every week, KPMG member firms around the world publish updates on developments in their country. In Weekly Tax Matters we’ll highlight a selection that may be of interest to our readers.
The Supreme Court has refused permission to appeal on time limits in the BT Pension Scheme v HM Revenue and Customs, the test case for the Foreign Income Dividend (FID) and Tax Credit Group Litigation. This means the Court of Appeal decision in respect to time limits last discussed in Weekly Tax Matters of 10 July 2015 now stands. Claimants in the group litigation are therefore now reliant on succeeding in the High Court in order to recover the amounts claimed.
The draft Land and Buildings Transaction Tax (Amendment) (Scotland) Bill has been published. This Bill will introduce the proposed LBTT supplement on the purchase of additional residential properties in Scotland to take effect on 1 April 2016. It mainly follows the earlier consultation proposals for equivalent rules under SDLT, but it makes provision for an additional charge of 3 percent on the entire price (paid in addition to the tax on the slices of the price at the standard rates) and expected reliefs do not appear to be included at this stage. The Bill will be the subject of discussion at a consultation meeting next week. For more information, contact Jo Joyce or Sean Randall.
The Employment Allowance (Increase of Maximum Amount) Regulations 2016, which increases the amount of NICs Employment Allowance from £2,000 to £3,000 from 6 April 2016, have now been issued.
HMRC have published the anticipated draft legislation for the introduction of use and enjoyment provisions for insurance repair services, along with an explanatory memorandum. The legislation is subject to technical consultation aimed at ensuring that the legislation works as intended. The consultation is open until 29 February 2016. No date is given but we understand that the new rules will have effect from April 2016.
The Government is carrying out a survey to gather views from employers on how they would like to be able to access funds from the Apprenticeship Levy and pay them over to training providers. The survey, which should take no more than 10 minutes to complete, can be found here. The deadline for responses is Friday 5 February.
The Finance Act 2014, Schedule 9 (Consequential Amendment) Regulations 2016 have been published. These regulations amend s809Z7(4A) ITA 2007 (dealing with foreign securities income) so that it refers to securities income that is “foreign” for the purposes of s41F ITEPA. Section s809Z7(4A) previously referred to s41A ITEPA, which was repealed by FA2014.
Details of Children's Television Tax Relief have been added to HMRC's creative reliefs page.
Venture capital-backed companies in the UK raised approximately US$1.3 billion across 113 deals in Q4 2015, capping off a record-breaking year which saw a grand total of $4.75bn raised via more than 400 deals - according to Venture Pulse, the quarterly global report on VC trends published jointly by KPMG Enterprise and CB Insights.