A round up of other news this week.
The corporate criminal offences of failure to prevent facilitation of tax evasion will come into force on 30 September 2017. This date is set by The Criminal Finances Act 2017 (Commencement No. 1) Regulations 2017 which have been published. These regulations also provide the powers for the Chancellor to approve guidance at any time on or after 17 July 2017. We expect the finalised HMRC guidance and also financial sector guidance to be published shortly.
The Welsh Government have opened a consultation on the impact of the Welsh Revenue Authority being given specific criminal powers to tackle devolved tax crime.
The OTS has published its report on paper stamp duty, setting out its recommendations to reform, digitise and simplify the stamping of documents. The proposed recommendations seek to align the tax more closely with SDRT, whilst adopting aspects from the current SDLT regime for managing compliance obligations.
Nicky Morgan has been elected as chairwoman of the Treasury Select Committee.
The Capital Allowances Act 2001 (Cars Emissions)(Amendment) Order 2017 specifies that changes being made to the capital allowances main rate threshold for low emissions cars will apply for the purposes of the car lease rental restriction for income tax from 6 April 2018 and for corporation tax from 1 April 2018.
Cameroon has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS.
KPMG in the UK will be holding a webinar on Thursday 20 July at 1:00pm on generating cash savings through better financial housekeeping. The one hour session will delve into relevant tax incentives and reliefs, VAT cash flow management, R&D tax reliefs and the capital allowances regime. Register here to take part.
Great British Breakfast, with a side of Brexit? The key ingredients of a fry-up could cost nearly 13 percent more if the UK were to leave the EU without a trade deal or transitional agreement, according to recent KPMG in the UK analysis.
The BRC-KPMG in the UK Retail Sales Monitor for June shows strong growth in non-food sales, due to the arrival of summer.