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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As announced at Autumn Statement 2016, HMRC have issued a consultation document on a requirement for businesses that create or promote complex offshore financial structures to notify HMRC of their creation and related client lists.  The requirement will be targeted at structures which represent a higher risk of being used for evading UK taxes. This will give HMRC an improved insight into how these structures are being used, and who is using them, allowing compliance activities to be appropriately targeted

The Donations to Charity (Gift Aid Declarations) Regulations 2016 have been published, which will allow a donor to give permission to an intermediary to create Gift Aid declarations on their behalf. HMRC have also published a tax information and impact note on these changes.

Draft HMRC guidance on the hybrids mismatch legislation, which takes effect from 1 January 2017, has been published for consultation.

HMRC have released a consultation on proposed changes to streamline the clearance process for tax-advantaged venture capital schemes.

At Autumn Statement 2016, the Government announced a simplification review into the VAT system, to be carried out by the Office of Tax Simplification (OTS) for which the terms of reference have now been published. In addition, following last week’s launch of their review into reforming Stamp Duty on paper transactions, the OTS have also published the terms of reference for this review.

The annual chargeable amounts for the Annual Tax on Enveloped Dwellings for the 2017-18 chargeable period have been published. The new charges will apply from 1 April 2017.

A number of participating countries have released a statement on the initiative for the systematic sharing of beneficial ownership Information.

The Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) (Amendment) Regulations 2016 have been published. As previously covered in Tax Matters Digest, these regulations extend the corporation tax interim securitisation regime until 2037.

The British Retail Consortium and KPMG in the UK’s Retail Sales Monitor and Online Retail Sales Monitor have been published for November.

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