Other news in brief | KPMG | UK

Other news in brief

Other news in brief

A round up of other news this week.

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The Governments of the UK and Colombia have now signed a double taxation agreement.

Panama has joined the Inclusive Framework on BEPS. 

The new Pension Schemes Bill 2016/17 has started its passage through Parliament. When it comes into force, it will set out a robust new regulatory regime for master trust schemes i.e., multi-employer occupational pension schemes set up for employers that are not connected with each other. In the future, a master trust scheme will only be allowed to operate if authorised by the Regulator, based on set criteria. Existing schemes will have six months from the commencement of the Act to get authorisation or decide to close. The Bill contains onerous ongoing supervisory requirements. The Bill also sets out a regulation-making power to allow the Government to legislate for a cap on early exit charges in defined contribution occupational pension schemes. The DWP consulted in May 2016 about introducing a cap on broadly the same basis as that planned by the FCA in relation to personal pension scheme, i.e. charges limited to 1 percent of funds under management for existing schemes and 0 percent for new schemes. 

Seven professional bodies have updated their guidance on Professional Conduct in Relation to Tax (PCRT). The updated code of conduct makes it clear that members must not create, encourage or promote tax planning arrangements or structures that set out to achieve results that are contrary to the clear intention of Parliament in enacting relevant legislation, and/or are highly artificial or highly contrived and seek to exploit shortcomings within the relevant legislation. HMRC have also endorsed the code.

HMRC have circulated a revised version of their guidance on the bank loss restriction to reflect the change in the restriction to 25 percent from 1 April 2016.  The definition of a banking company has been revised to reflect the extension to the excluded entity definition brought in by s56 FA 2016. The bank compensation restriction guidance has also been updated to include guidance on determining whether a company was a banking company at the time of the relevant conduct. While the guidance has already been updated to take into account feedback received when it was circulated in draft earlier in the year, HMRC welcome any further comments before it is finalised in the next few weeks. If you would like a copy of the revised guidance please get in touch with your usual KPMG contact.

HMRC have published draft legislation for consultation amending the Individual Savings Account (ISA) Regulations to establish Lifetime ISAs, including rules in relation to the Government bonus payable on Lifetime ISA savings and withdrawals from accounts.

HMRC have published a Tax Information and Impact Note (TIIN) updating the lists of technologies and products covered by the energy-saving and water efficient enhanced capital allowances (ECA) schemes.

The Office of Tax Simplification has released its final reports on Lookthrough Taxation and Sole Enterprise with Protected Assets (SEPA).

The Business, Energy and Industrial Strategy Committee (BEIS) have launched an inquiry into the future world of work, focussing on the rapidly changing nature of work, the status and rights of agency workers, the self-employed, and those working in the 'gig economy'. The inquiry also looks at issues such as low-pay and poor working conditions for people working in these non-traditional worker roles. The deadline for submissions to the inquiry is 19 December 2016.

The Tax Matters Digest consultation tracker for November can be found here.

A KPMG in the UK report reveals half of UK consumers would leave their telecoms provider in the event of a personal data breach.

European Banks remain trapped in a downward profitability spiral, with no obvious solution on the horizon, according to a KPMG in the UK report, The Profitability of EU Banks, Hard Work or a Lost Cause? 

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