Other news in brief | KPMG | UK

Other news in brief

Other news in brief

A round up of other news this week.

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HMRC have published an initial tranche of draft guidance on the CT loss relief reforms. The guidance runs to 128 pages but is considerably easier to read than the Explanatory Notes on the Finance Bill clauses which were republished on 13 July.  In particular, the first 17 pages provide a useful high level overview of the reforms.  The draft guidance does not, however, include a detailed section on carried forward losses group relief.

On 4 August HMRC published a second tranche of draft guidance on the new Corporate Interest Restriction (CIR). It reflects the updated legislation published on 13 July 2017 and includes additional material. HMRC have requested comments by 31 October 2017.

As part of HM Treasury’s Patient Capital review, a consultation has been released on increasing the supply of capital to growing innovative firms. The consultation includes questions on whether existing UK tax reliefs to encourage investment could be made more effective. 

The OECD has released a draft toolkit for developing countries on the taxation of offshore indirect transfers of assets. Comments are requested on the draft toolkit by 25 September 2017.

The OTS has released a discussion paper on the future of disincorporation relief. Comments are requested by 15 September 2017.

The Tax Matters Digest consultation tracker for August can be found here

According to the KPMG Pulse of Fintech report, total global Fintech investment more than doubled quarter over quarter in Q2’17 to US $8.4 billion, up from US$3.6 billion in Q1’17.

 

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