A round up of other news this week.
After consultation with industry, financial regulators and consumer groups, the Government has decided not to proceed with plans to introduce a secondary annuities market, citing consumer protection concerns.
HMRC have updated their Disclosure of tax avoidance schemes (DOTAS) guidance on hallmarked schemes.
HMRC have updated their Automatic Exchange of Information (AEOI) manual with some clarifications on the notification requirements for controlled persons overseas.
HMRC have updated their guidance on research and development (R&D) tax relief for small and medium sized enterprises (SME R&D tax relief) to highlight that if they receive more than €500,000 a year in SME R&D tax relief (a form of State Aid), certain details will be published annually on the European Commission website. These details will include the name of the beneficiary, the region where they are located, what activity they undertake, and how much State aid they have received.
The first series of bilateral automatic exchange relationships have been established among the first batch of jurisdictions committed to exchanging information automatically as of 2017. The OECD has updated their website with details of the full list of agreements that are now in place under the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information, which can be used to check automatic exchange relationships in conjunction with local legislation.
The Finance Act 2015, Section 20(2) and (3) and the Finance Act 2016, Section 173(1) (Appointed Days) Regulations 2016 have been published. These regulations appoint 14 November 2016 as the date from which new record keeping and information requirements and penalties will be imposed on charities and intermediaries. They also appoint 6 April 2017 as the date on which the definition of a qualifying donation for Gift Aid purposes will be amended to cover gifts made through intermediaries.
The Welsh Cabinet Secretary for Finance and Local Government Finance Mark Drakeford has confirmed a higher rate of tax for additional residential properties will continue to be levied in Wales when stamp duty land tax is devolved in April 2018. No details have been released. Amendments will be made to the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill, which is currently going through the National Assembly.
Venture capital (VC) investment in the UK saw a slight increase in Q3 2016, bucking the global trend which saw a 14 percent fall, according to Venture Pulse, the quarterly global report on VC trends published jointly by KPMG International and CB Insights.
As technology infiltrates every aspect of life, KPMG predicts that by 2030 mass market retail banks will be largely invisible to consumers. To find out more Meet EVA, the future face of the Invisible Bank.