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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HMRC have issued a paper setting out their views on the income tax treatment of adopting FRS 102. This is relevant, for example, for non-resident landlords and the paper comments on the tax treatment of treasury matters such as interest swap contracts and transitional adjustments on the adoption of FRS 102.

HMRC have confirmed that the new automatic exchange of information (AEOI) schema should be used for submissions after 16 Dec 2016. 

HMRC have published guidance on profits from a trade of dealing in or developing UK land, which is designed to be read alongside the legislation and Explanatory Notes which were published on 5 July 2016. The rules extend the scope of the original Transactions in UK Land anti-avoidance legislation, particularly in respect of anti-fragmentation and anti-enveloping.

The Double Taxation Relief and International Tax Enforcement (Turkmenistan) Order 2016 has been published

The UK-Uruguay Double Taxation Convention, signed on 24 February 2016, entered into force on 14 November 2016.

A number of Protocols to Double Taxation Arrangements have recently come into force: 

Mauritius has pledged its support for the initiative to systematically share information on beneficial ownership.

In a survey of 100 UK CEOs, KPMG in the UK found that nearly 60 percent believe their ability to do business will be hindered once Brexit takes place if UK privacy rules are not aligned to the new General Data Protection Regulation (GDPR).

Analysis by KPMG in the UK has revealed a £38.9 billion jump in the value of the UK Government infrastructure and construction pipeline since March 2016 

KPMG in the UK and Ipsos Retail Think Tank (RTT) have published a white paper looking at consumer confidence - can it be accurately measured and does it drive consumer spending? 

And finally… Tax Matters Digest will be taking our usual break over the Christmas period. We will be back on 9 January 2017 as usual.

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