tmd-other-news-in-brief-05-01-2018 | KPMG | UK

Other news in brief

Other news in brief

A round up of other news this week.

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Details of Government amendments to Finance Bill 2018, made during the Public Bill Committee stage, have been published. The changes, to the VCTs and settlements clauses, reflect announcements made at Autumn Budget 2017.

The latest edition of the condensed version of the OECD Model Tax Convention has been released, incorporating significant changes developed as part of the BEPS project. Details of the changes were released in early December last year and covered in this Tax Matters Digest article.

The OECD has released the second round of BEPS Action 14 peer reviews, which look to improve tax dispute resolution mechanisms. This second round of reviews covers Austria, France, Germany, Italy, Liechtenstein, Luxembourg and Sweden.

The OECD has provided updates on its progress in relation to the automatic exchange of Common Reporting Standard (CRS) and country by country (CbC) reporting information.

HMRC have published a technical note containing guidance explaining recent tax changes which apply to investors in co-ownership authorised contractual schemes (CoACS) and operators of those schemes. The changes that have been made are in the following areas: capital allowances, information requirements, investments in offshore funds and chargeable gains.

HMRC have released final guidance on the legislation on penalties for enablers of defeated tax avoidance arrangements (Schedule 16, Finance (No. 2) Act 2017) which came into effect on 16 November 2017.

The Capital Allowances Act 2001 (Extension of First-year Allowances) (Amendment) Order 2017 has been published, extending the first year allowances (FYA) for zero-emission goods vehicles and gas refuelling equipment for three years.

Jersey and Curaçao have signed up to the OECD’s Multilateral Convention on BEPS.

Mongolia has joined the Inclusive Framework on BEPS.

KPMG in the UK’s head of capital markets consulting, Harps Sidhu, comments on the first day of MIFID II implementation.

David Ferbache, KPMG in the UK’s chief technology officer, lists the ten cyber security trends to watch out for in 2018.

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