A round up of other news this week.
A First-tier Tribunal (FTT) decision has been released in a joint application for closure notices to be issued by HMRC within a specified time. The taxpayers’ appeals were allowed in part, with the FTT confirming the established principle that HMRC should not delay closing enquiries where they already hold sufficient information to allow them to make their decision. In this case the Tribunal set a short timetable of 30 days for one application and just under three months for the other.
The Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) (Amendment) Regulations 2017 have been published. These regulations amend the Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999 in consequence of the abolition of dividend tax credit and the repeal of the term ‘franked investment income’, and apply to distributions of companies made on or after 6 April 2016.
The OECD’s next Tax Talk webcast has been scheduled for 28 March 2017.
An amended version of the Brazil-UK tax treaty: aircrew agreement has been published.
A Tax Information and Impact Note has been released on the recent changes to the rules on the tax on restitution interest payments.
2017 will be a year of deal making in the insurance industry, according to a new report released by KPMG International, with 84 percent of insurance companies globally planning to make between one and three acquisitions in 2017.
The UK has been ranked the fourth most promising market for technology breakthroughs that have a global impact, trailing slightly behind the US, China and India, according to KPMG’s 2017 global technology innovation report.