A round up of other news this week.
HMRC have launched an online service to apply for a repayment of the higher rates of Stamp Duty Land Tax for additional properties on the sale of a taxpayer’s previous main home.
HMRC have confirmed that the Scottish Parliament’s prospective powers over income tax bands, and increased powers over income tax rate setting, will commence on 6 April 2017. HMRC have published a draft statutory instrument to make certain consequential technical changes. Comments on the draft consequential amendments are invited by 31 December 2016.’
The DWP has published a consultation paper outlining a proposed methodology for equalising guaranteed minimum pensions (GMPs). GMPs, which accrued for contracted-out pension scheme service between April 1978 and April 1997, are inherently unequal for men and women (due to payment age, accrual rate etc.). The Government has received legal advice that schemes must adjust benefits to counter the effect of unequal GMPs. Its suggested approach would involve conversion of GMP to a non-contracted-out benefit and would not be compulsory. The consultation closes on 15 January 2017.
The Office of Tax Simplification has launched a simplification review into Stamp Duty on paper transactions. The review includes the possibility of removing the need for physical stamping, but will not cover Stamp Duty Reserve Tax or Stamp Duty Land Tax more widely.
The EC has published Guidelines for a Model for a European Taxpayers’ Code. The Code is a model of behaviour for both European taxpayers and Member States’ tax administrations to follow, rather than a strict template code or charter.
Following the recent UK Government consultations in relation to the new interest deductibility regime, we expect draft legislation to be published as part of the Draft Finance Bill 2017 clauses. On Tuesday 13 December at 1pm, we will be holding a webinar on the new regime, where Dan Head and Kashif Javed will take you through the details of the draft legislation, as well as looking at some of the practical implications of the proposals for companies as we approach the anticipated commencement date of 1 April 2017.
Are you struggling to put real numbers around the potential impact of Brexit? A key area that we already know will be impacted by Brexit will be the movement of goods into and out of the UK and the additional costs which may be incurred post-Brexit on changes in customs duty and VAT. Join us on Wednesday 7 December at 1pm for a demonstration of KPMG’s Tax Intelligence Solution, which can model the potential change to organisations’ duty and VAT profile post-Brexit and provide insights and metrics which will help shape internal discussion.
The Tax Matters Digest consultation tracker for December can be found here.