A round up of other news this week.
As well as the draft legislation covered in separate articles this week, the Government have also released:
It has been announced that the House of Lords Finance Bill sub-committee are to inquire into the Making Tax Digital (MTD) proposals and after hearing evidence from affected small businesses and landlords, will issue a report by the end of March. The sub-committee will specifically look at the underlying case for the proposals, the evidence supporting mandatory reporting and the robustness of the timetable, amongst other areas. This announcement comes shortly before the publication of the Government’s response to the six MTD consultations issued in August 2016. It has also been announced this week that HMRC are to meet with software developers to discuss MTD amidst concerns that none of the software developers have agreed to provide free software.
The UK-Turkmenistan Double Taxation Convention entered into force on 19 December 2016.
HMRC have issued guidance on registering for the new Annual Tax on Enveloped Dwellings (ATED) online service. The service is available to companies, partnerships with a company member and collective investment schemes, and their agents. It enables ATED returns to be submitted online.
HMRC have published new Automatic Exchange of Information (AEOI) guidance for UK branches of overseas insurers, which is their interpretation of the Common Reporting Standard ‘maintained by’ as it applies to these branches. The guidance does not set out the position for UK insurers with overseas branches, but may nonetheless provide a useful starting position for discussions with HMRC and overseas tax authorities.
The Advocate General of the CJEU has issued her opinion in the Eqiom and Enka case, concluding that the refusal to grant an exemption from withholding tax that would normally be granted on the distribution of dividends by a resident subsidiary to its non-resident parent company by virtue of the Parent-Subsidiary Directive, based on a general presumption that this will involve taxevasion, is not permissible as it precludes a test of the objective and verifiable facts.
Gabon, Hungary, Indonesia, Lithuania, Malta, Mauritius and Russia have recently signed the OECD’s Multilateral Competent Authority Agreement for country by country (CbC) reporting.
The value of alleged fraud reaching UK courts broke the £1bn barrier in 2016, due to a resurgence in ‘super cases’, according to the latest Fraud Barometer from KPMG in the UK.
KPMG International’s global online consumer report has revealed that Baby Boomers are the generation that spend the most online while Millennials spend the least.