A round up of other news this week.
Finance Bill 2018 contains certain amendments to the corporate interest restriction (CIR) rules, one of which is to treat an interest in an entity that is ‘held for sale’ under IAS as being a ‘non-consolidated subsidiary’ (and therefore excluded from the CIR group). As part of Finance Bill 2018’s Public Bill Committee stage, the Government has tabled an amendment to this provision extending it to cases where an interest in an entity is ‘held for sale or held for distribution to owners. The Committee Stage of the Bill is due to conclude on 18 January 2018.
Parliament has invited submissions on the Taxation (Cross-border Trade) Bill, which is currently passing through Parliament. The purpose of the Bill is to allow the Government to create a functioning customs, VAT and excise regime for the UK after Brexit. The Public Bill Committee is now able to receive written evidence and is expected to meet for the first time on Tuesday 23 January 2018. It will stop receiving written evidence at the end of the Committee stage, which is expected to be not later than 5.00pm on Thursday 1 February 2018.
The Land Transaction Tax (Administration) (Wales) Regulations 2018 have been published. The regulations provide for various matters relating to the administration of land transaction tax (LTT), which will replace stamp duty land tax (SDLT) in Wales from 1 April 2018.
Yael Selfin Chief Economist comments on the KPMG Economics FTSE Brexit Indices and how it was a relatively subdued affair for UK stocks despite the year ending on a high.
The BRC-KPMG Retail Sales Monitor for the month of December has been published with Paul Martin offering his thoughts on the latest health check for the UK retail sector.