The Government has announced it has reached agreement with Germany, France, Italy and Spain to automatically share information on the ultimate owners of companies, with the five countries agreeing to exchange data on company beneficial ownership registers and new registers of trusts.
The First-tier Tribunal has concluded in a recent case that parking fines are not an allowable deduction in computing profits to be charged to corporation tax. It is not yet known if this decision will be appealed.
HMRC’s Employer Bulletin for April 2016 has been published. The CIOT has published correspondence where HMRC have indicated a change of view in their approach to the availability of TCGA 1992 section 162 relief where a ‘mixed partnership', i.e. one including both individuals and a corporate member, incorporates the partnership business into the existing corporate member.
March retail sales were flat but distorted, while online sales showing a penetration rate above 20 percent for a third month, according to the British Retail Consortium and KPMG in the UK’s Retail Sales Monitor and Online Retail Sales Monitor for March.
KPMG International’s global Digital Health: Heaven or Hell report looks at the impact of digital technologies in healthcare.