A round up of other news this week.
The Scottish Government has announced that the Draft Budget 2018/19 will be published on 14 December 2017. Following the recommendations of the Budget Process Review Group, which concluded that “it would be counter-productive to publish the Scottish Budget ahead of the UK Autumn Budget, due to the impact that it may have on Scotland’s public finances”, this date has been set three weeks after the Chancellor’s UK Budget on 22 November. This is unsurprising as, given the current limited extent of devolved tax powers, the impact of UK legislation will need to be considered by the Scottish Government before final decisions are made and the two Budgets therefore remain very much interlinked.
The Belarus and UK Double Taxation Convention was signed on 26 September 2017 and will enter into force once both countries have completed their parliamentary procedures and exchanged diplomatic notes. Until then, the UK/USSR treaty continues to apply to Belarus.
A recent First-tier Tribunal (FTT) decision concluded that it was not within its jurisdiction to consider whether an extra statutory concession (ESC) applied. However, if it were found to be wrong on this, the loan relationship rules apply to tax the receipt of damages paid by an adviser for loss of interest from HMRC (this was in relation to the payment of Advanced Corporation Tax (ACT) found to be contrary to EU law). If this is subsequently found to be incorrect, the FTT further concluded that the receipt of damages should be taxable as income and not capital as the taxpayer had claimed. This would mean that a concessional treatment for damages received where there is no underlying asset (ESC D33) cannot apply in this case.
Karen Briggs’ response to the Prime Minister’s speech in Florence addressing Brexit.
An interesting study by KPMG in Switzerland on the use of technology to cut costs in healthcare.