A round up of other news this week.
As part of the UK’s implementation of the Fourth Money Laundering Directive (4MLD), on 26 June 2017 the Government enacted a new Statutory Instrument (SI) and laid regulations modifying and extending the rules for the public register of information about people with significant control over UK companies and LLPs. The UK Government has decided not to introduce a public register recording the beneficial ownership of trusts. However, included within the SI are widely drafted new rules imposing obligations on trustees to establish, maintain and report a substantial amount of information about the trustees themselves, the trust, the settlor and beneficial owners of the trust and about any individual who has control over the trust.
The First-tier Tribunal for Scotland has rejected a taxpayer’s appeal against late filing penalties in respect of a Land and Buildings Transaction Tax (LBTT) return. The taxpayer had failed to file a return as she believed one was not necessary as no LBTT was due.
The House of Commons Library has published a research briefing on SDLT on residential property.
Bahrain has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
Media companies must prioritise quality, following a KPMG in the UK report that warns that half of UK consumers are troubled by fake news.