Other Tax news in brief

Other Tax news in brief

A round up of other news this week.

Also on KPMG.com

The Office of Tax Simplification (OTS) Chair, Angela Knight, and Tax Director John Whiting have written to David Gauke, giving an update on the OTS’s activities and future planned work.

KPMG in the UK’s BEPS Action 4 diary has been updated, with a new entry looking at the publication of the Government’s second consultation on corporate interest deductibility.

Following the opening of the new Parliament, the page for the Finance Bill 2016 can now be found here.

HMRC have updated their FATCA schema page with a new Automatic Exchange of Information (AEOI) submission schema set and examples of valid submission files. This schema guide and the examples clarify how HMRC expect clients to make the threshold election for each jurisdiction (US, GG, IM, JE, GI) when this gives rise to a nil return for that jurisdiction.  This is for the reporting that must be completed by 31 May 2016.  However, if clients don’t want to make a change to their reporting xml and as the manual portal does not support this, clients are requested to submit an email to the mail box enquiries.aeoi@hmrc.gsi.gov.uk. The email should include the following details:

  • Name of financial institution(s);
  • Automatic Exchange of Information ID;
  • A statement to advise that you are making an election to submit a nil return as a result of applying the thresholds; and
  • Reporting period of the nil return.

HM Treasury have published the minutes from the January 2016 meeting of the Business Forum on Tax and Competitiveness.

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