Other tax news in brief

Other tax news in brief

A round up of other news this week.

Also on KPMG.com

HMRC have published a consultation on whether companies with non tax-advantaged share schemes require the continued availability of a National Insurance Contribution (NIC) election. This election is the means of legally transferring to the employee the Employer’s Class 1 NIC obligation on the occasion of chargeable events in connection with employment-related securities options, and with restricted or convertible employment-related securities. The consultation closes on 13 July 2016.

HMRC have published a consultation document as part of their planned review of the Gift Aid Small Donations Scheme. The consultation sets out specific proposals for simplifying the scheme rules to help ensure as many eligible charities as possible can benefit. Comments have been requested by 1 July 2016.

A consultation has been opened entitled ‘Strengthening the Tax Avoidance Disclosure Regimes for Indirect Taxes and Inheritance Tax’. This seeks to strengthen the regimes for disclosing information on tax avoidance schemes to HMRC. The consultation closes on 13 July 2016.

A consultation on possible alternatives to the current tax rules for part surrenders and part assignments of life insurance policies has been published. The Government announced at Budget 2016 that it intended to change the current rules for part surrenders and part assignments of life insurance policies to prevent excessive tax charges arising on these products. Comments have been requested by 13 July 2016.

HMRC have published a consultation document on the tax aspects of the proposed secondary annuity market (due to start from April 2017). The paper considers how annuity market transactions will fit into the authorised payments regime, as well as details of income tax treatment, application of PAYE and minor lifetime allowance issues. The closing date for comments is 15 June 2016.

The Upper Tribunal has upheld HMRC’s appeal in the case of HMRC v Trigg [2016] UKUT 0165 (TCC) with the result that a currency conversion clause for bonds to be redenominated into euros in the event the UK adopted the Euro caused the bond to be a non-qualifying corporate bond. This case focuses on these specific circumstances, rather than the note being redeemed in Euros.

HMRC have issued a press release stating that the Supreme Court have ruled in their favour and refused the Eclipse Film Partners (No 35) LLP permission to appeal the Court of Appeal’s decision in this film partnership case. Accordingly the findings of the Court of Appeal stand. HMRC may now start to issue Follower Notices to taxpayers who invested in any Eclipse partnership.

The Public Accounts Committee published its report on Tackling Tax Fraud on 15 April. It is now awaiting a response from the Government.

The OECD has announced that it, along with The International Monetary Fund (IMF), the United Nations (UN) and the World Bank Group (WBG), has established the ‘Platform for Collaboration on Tax’. The aim is to formalise regular discussions between the four international organisations on the design and implementation of standards for international tax matters, strengthen their capacity-building support, deliver jointly developed guidance, and share information on operational and knowledge activities.

A new publication from KPMG International explores the legal implications of several BEPS action items on multi-national organisations and highlights key questions leaders should ask to assess their organisation’s readiness for BEPS.

This year’s Bank Benchmark report from KPMG in the UK finds that pressure on the UK’s biggest banks is at an all-time high.

A new report by KPMG International - Global business services in life sciences: A window to the future – finds that pharmaceuticals companies have a lot to learn from companies in other industries that are more advanced in Global Business Services.

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