A round up of other news this week.
Finance Bill 2018 passed its Report Stage and Third Reading on 21 February 2018, completing its journey through the House of Commons. The Bill will now proceed to the House of Lords, and the dates for this have not yet been confirmed. As the House of Lords cannot amend a Money Bill, the Finance Bill is now considered substantively enacted.
HMRC have opened a consultation on extending the assessment time limit in cases involving offshore income, gains, or chargeable transfers. Their proposals will extend the current time limits of four and six years to a new minimum time limit of 12 years.
The Research and Development (Qualifying Bodies) (Tax) Order 2018 has been published. These regulations set out the list of qualifying bodies for the purposes of additional relief for expenditure where payments are made to the listed qualifying bodies in respect of R&D, and replaces the previous list which was contained in The Research and Development (Qualifying Bodies) (Tax) Order 2012.
‘Residence by investment’ (RBI) or ‘citizenship by investment’ (CBI) schemes allow foreign individuals to obtain citizenship or temporary or permanent residence rights in exchange for local investments or against a flat fee.The OECD has released a consultation which requests evidence on whether these schemes are being used to circumvent the Common Reporting Standard (CRS).
The OECD has published a report on loss carryover provisions across 34 OECD and non-OECD countries.
Serbia has joined the Inclusive Framework on BEPS.