tmd-other-news-in-brief-21-11-2017 | KPMG | UK

Other news in brief

Other news in brief

A round up of other news this week.

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In a Written Ministerial Statement, the Financial Secretary to the Treasury Mel Stride has confirmed that Finance Bill 2018 will be published on Friday 1 December 2017. The Bill’s official name will be Finance (No.2) Bill due to the fact that it is the second Finance Bill of the current Parliamentary session.

The Office of Tax Simplification has published its report on routes to simplification of VAT. The report makes a number of recommendations, including that the current approach to the level and design of the VAT registration threshold be reviewed, that HMRC improve and clarify their guidance, and that HMRC and HM Treasury undertake a comprehensive review of the reduced rate, zero-rate and exemption schedules.

HMRC have announced a further extension of the deadline for trusts which have incurred a liability to income tax or capital gains tax for the first time in the 2016/17 tax year to be registered on the Trust Registration Service (TRS) to 5 January 2018. This follows an earlier extension of the original deadline of 5 October to 5 December 2017 and is in response to concerns raised by agents, the professional bodies and other stakeholders about the HMRC systems to be used for the new service. The deadline for existing trusts to register remains unchanged at 31 January 2018. A recent article for KPMG Employers’ Club takes a look at some of the implications for employment-related trusts.

The OECD has published a press release following its latest Forum on Tax and Crime, setting out five priorities for action to strengthen the global response to tax crime.

In a recent article for the Charity Tax Group, Ian Short and Tania Dimitrovich take a look at some of the potential implications for charities of the new corporate criminal offence of failing to prevent the facilitation of tax evasion.

HMRC have published a number of UK tax treaties, including:

  • UK-Gibraltar Tax Information Exchange Agreement (entered into force 15 December 2010) and exchange of letters (not yet in force);
  • UK-Aruba Tax Information Exchange Agreement (entered into force 1 January 2012); 
  • UK-Anguilla Tax Information Exchange Agreement (entered into force 17 February 2011) and exchange of letters (not yet in force);
  • UK-Bermuda Tax Information Exchange Agreement (not yet in force);
  • UK-St Lucia Tax Information Exchange Agreement (entered into force 19 May 2011);
  • UK-Liberia Tax Information Exchange Agreement (entered into force 30 March 2012); 
  • UK-Monaco Tax Information Exchange Agreement (entered into force 22 April 2015); 
  • UK-Turks and Caicos Islands Tax Information Exchange Agreement (entered into force 25 January 2011) and exchange of letters (not yet in force);
  • UK-Marshall Islands Tax Information Exchange Agreement (not yet in force); and
  • UK-Netherlands Antilles Tax Information Exchange Agreement (entered into force 1 May 2013).

Following the publication of the Government’s Trade Bill, Sarah Owen-Vanderluis, head of trade strategy at KPMG in the UK, comments on some of the implications.

One in five Brits are still trapped in working poverty, according to findings from KPMG in the UK’s report on the real Living Wage.

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