A number of amendments to Finance Bill 2016 have been released, including Government amendments to the Patent Box, hybrid mismatches, carried interest and pensions lifetime allowance clauses. There is also an amendment (number 145), tabled by Labour MP Caroline Flint, which seeks to introduce a requirement that Country by Country reports are made public as part of a group’s published tax strategy. This amendment has cross-party support from a number of MPs and a similar amendment was only narrowly defeated when it was debated before the summer recess. It has been reported by the Press that the Treasury is giving it careful consideration.
A number of new consultations relating to tax have been published:
On 25 August HMRC published their 2015 Large Business Survey which reports on research into large businesses' experiences of dealing with HMRC, their views on the administration of tax policy and wider influences on their attitudes to tax. Also published was the first Mid-size Business Survey.
HMRC have issued Brief 13/16 explaining the change in policy relating to the VAT treatment of dwellings that have been formed from either the construction of new buildings, or from the conversion of non-residential buildings into a dwelling. HMRC now accept that single dwellings can be formed from more than one building.
The Office of Tax Simplification (OTS) have published their comments in response to a discussion paper, Improving Tax Policy Making, published by the Institute for Government, Chartered Institute of Taxation and Institute for Fiscal Studies
The Tax Matters Digest consultation tracker for September can be found here.