tmd-other-news-in-brief-13-10-2017 | KPMG | UK

Other news in brief

Other news in brief

A round up of other news this week.

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The Government has published two white papers, setting out proposed arrangements for post-Brexit trade and customs policy.

The Upper Tribunal has dismissed HMRC’s appeal against the FTT’s decision in Revenue and Customs v Benham (Specialist Cars) Limited that HMRC had no freestanding power under section 153A of TCGA 1992 to make amendments to a company tax return.

A recent FTT decision in McGreevy v HMRC has concluded that a non-UK resident's ignorance of the new 30 day non-resident capital gains tax (NRCGT) return deadline was a reasonable excuse for late filing of said return.

HMRC’s Trusts and Estates Newsletter for September provides further information about the Trust Registration Service (TRS). Existing trusts which are already registered for self-assessment have until 31 January 2018 to register with the TRS (the deadline for notifying of any changes will be 31 January following the end of the relevant tax year). Trusts created or becoming subject to income tax or capital gains tax for the first time during 2016/17 would normally have had a deadline of 5 October 2017 to register via the TRS, however HMRC have extended this to 5 December 2017 (in later years, the deadline will be 5 October following the tax year end, so 5 October 2018 for 2017/18). For other taxes, the 31 January deadline may apply.

The OECD has released details of more automatic exchange agreements that have been activated under the Multilateral Competent Authority Agreement on the Exchange of CbC Reports, and updated the list of automatic exchange relationships now in place.

HMRC have published their Banking Manual.

The OECD's next Tax Talk webcast will take place on 17 October 2017.

HMRC have released an updated organisation chart.

The latest thoughts from Paul Martin on the state of the UK retail sector are included in the BRC-KPMG Retail Sales Monitor for September

Guy Stallard at KPMG in the UK comments on recent Trust for London research regarding the challenges of in-work poverty.

 

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