Other tax news in brief

Other tax news in brief

A round up of other news this week.

Also on KPMG.com

The 2016 Finance Act introduced a requirement that certain entities are now required to publish their tax strategy on the internet. This is an annual requirement that will take effect in the first accounting period beginning after 15 September 2016. The legislation will broadly apply to the following:

  • Companies and groups that already have a requirement to appoint a Senior Accounting Officer;
  • Partnerships that have a turnover in excess of £200 million and/or a balance sheet total in excess of £2 billion at the end of the previous accounting period;
  • UK subsidiaries of overseas Multinationals with a group turnover in excess of €750 million, irrespective of their size; and
  • UK branches and permanent establishments of overseas companies which meet the above test for partnerships either in their own right or when aggregated with other UK group companies.

KPMG in the UK will be running a webinar to discuss these new requirements, including our insights concerning the practical considerations that will need to be taken into account. To register, click here.

HMRC have released a Brief reminding businesses of the new VAT use and enjoyment rules on insurance repair services which came into effect on 1 October 2016. The measure was originally announced at the Summer Budget in 2015.

In Milltown Ltd & Anor v Revenue and Customs, the First-tier Tribunal (FTT) considered a procedural matter in relation to a number of taxpayers who had entered into similar Stamp Duty Land Tax planning as that considered in Project Blue Ltd (formerly Project Blue (Guernsey) Ltd v HMRC, which is currently awaiting the outcome of HMRC’s application to the Supreme Court for permission to appeal. The FTT granted HMRC’s application to stay the current appeals, which deal with closure notices and discovery assessments, behind Project Blue until the final resolution of that case is granted.

The Autumn edition of M&A Matters has been published. If you would like to subscribe to M&A Matters or view previous editions click here.

KPMG’s first ‘100 UK CEOs’ survey found that despite largely voting to remain in the EU, the Brexit vote hasn’t dampened the short or long term confidence of UK CEOs.

UK boards lag behind their US counterparts when it comes to professional and sector diversity, according to new research undertaken by Oxford Brookes University’s Centre for Diversity Policy Research and Practice commissioned by the 30% Club Higher Education Working Group and co-sponsored by KPMG in the UK.

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