A round up of other news this week.
Following delivery of the widely reported letter from the Prime Minister to Donald Tusk triggering Article 50, on 30 March the Government published The Great Repeal Bill White Paper setting out its proposals for ensuring a functioning statute book once the UK has left the EU.
Now that Article 50 has been triggered, the two year negotiation period for Brexit begins. This may be a stressful time for many EU national employees and their families. It is therefore important that employers consider supporting your employees through this period. KPMG in the UK have prepared a guide on some potential options employers can use to support employees who will be directly affected under Brexit.
On 31 March HMRC published updated draft guidance on the hybrids and other mismatches rules following earlier consultation. Also published was a response document summarising the changes that have been made to the draft guidance as a result of the comments received on the earlier draft.
HMRC have published draft guidance on the new corporate interest restriction rules which take effect from 1 April 2017. The announcement states that “This is an initial tranche of guidance, focusing on the core rules and other aspects where guidance has been specifically requested. Further draft guidance will be issued by 31 May 2017.
HMRC have published a policy paper amending The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016. The amendments extend the statutory requirements to partnerships, as well as introducing requirements for a UK entity with an obligation to file a UK CbC report to ask for any information necessary to file, and requiring a UK entity in a multinational group to tell HMRC which entity in the group will be filing the CbC report and give details of all the group’s UK entities.
The Enactment of Extra-Statutory Concessions Order 2017 has been published, enacting three existing HMRC extra-statutory concessions (ESCs). These ESCs relate to transitional provisions for woodlands subject to a deferred estate duty charge, capital gains tax in respect of gains made by trustees of a non-resident trust, and the disallowance of input VAT when consideration is not paid for a supply in certain insolvency circumstances.