A round up of other news this week.
HMRC published their third annual report on the Code of Practice on Taxation for Banks on 18 October, covering the period 1 April 2016 to 31 March 2017. The period showed a significant increase in the direct tax cost for banks with £1.1 billion from the new bank surcharge and £4.8 billion corporation tax compared with £3.2 billion the previous year, reflecting the restriction on the use of carried forward losses. None of the 314 banks adopting the Code has been determined to be in breach of the Code.
HMRC have published The Corporation Tax (Simplified Arrangements for Group Relief) (Amendment) Regulations 2017 in draft. The Regulations set out how companies can enter into simplified arrangements in respect of claims and surrenders of group relief for carried-forward losses, as now permitted under the reforms to corporation tax loss relief.
Two draft statutory instruments on the Soft Drinks Industry Levy have been released for technical consultation.
VC investors remain committed to the potential of UK companies despite Brexit, according to KPMG Enterprise’s latest Venture Pulse Survey highlighting the level of venture capital investment in UK companies.
KPMG International has published its 2017 Survey of Corporate Responsibility Reporting, highlighting the lack of acknowledgement among businesses of climate change as a financial risk.