Other tax news in brief

Other news in brief

A round up of other news this week.

Also on KPMG.com

The Scotland Act 2016 received Royal Assent on 23 March 2016. The Act provides for the devolution of certain tax matters from Westminster to Holyrood.

The Annual Tax on Enveloped Dwellings (Indexation of Annual Chargeable Amounts) Order 2016 has been published. These are regulations passed each year to confirm the annual charges for ATED. Provision is made in the primary legislation for the charges to increase by the rate of inflation. Due to negative inflation last year, the ATED charges for 2016/17 have not increased.

HMRC have published draft regulations setting out changes to the Shadow Advance Corporation Tax (ACT) rules which are required as a result of the abolition of the dividend tax credit (and in particular the repeal of the term ‘Franked Investment Income’) from 6 April 2016.

HMRC have issued a press release refuting recent media reports that they have sought to restrict Gift Aid on donations accompanied by a message of support from a donor’s family.

On 31 March, HMRC published final guidance for the new Income Tax relief for irrecoverable peer-to-peer loans.

The OECD have released a standardised electronic format for the exchange of BEPS Country-by-Country Reports.

Following the publication of legislation in the Finance Bill, on 31 March HMRC published guidance for large business on the new ‘Special Measures’ regime and draft guidance on the publication of a tax strategy.

HM Treasury has published a consultation on delivering more frequent revaluations for business rates.

HM Treasury has published a consultation which seeks to identify additional ways in which the Government can support contributions to grassroots sports from companies through the corporation tax system.  

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