Other tax news in brief | KPMG | UK
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Other tax news in brief

Other tax news in brief

A round up of other news this week.


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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:

  • Reforms to the taxation of non-domiciles - HM Treasury has published the long awaited further consultation on reforms to the tax treatment of non-UK domiciled individuals, which are planned to come into force from 6 April 2017. The further consultation also includes detail on how the Government intends to proceed with proposed changes to the inheritance tax treatment of UK residential properties owned by non-UK domiciled individuals through non-UK companies. For a more detailed commentary on these proposals from KPMG in the UK, click here.
  • Tackling offshore tax evasion: requirement to correct - New legislation is proposed that will require taxpayers with outstanding tax liabilities relating to offshore interests, where they have yet to put their UK tax affairs in order, to come forward and correct those liabilities by September 2018. For more details on this consultation, see this press release from KPMG in the UK.
  • Proposals to tackle the hidden economy – The three consultations cover the extension of data-gathering powers to money service businesses, the proposal that access to some business services or licences should be dependent on businesses being registered for tax, and the potential for new penalties and sanctions to tackle those operating in the hidden economy.

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.

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