A round up of other news this week.
HMRC have released a consultation on tackling abuse of the insolvency regime to avoid tax liabilities. The paper looks at several behaviours related to misuse of corporate insolvency - tax avoidance, tax evasion and repeated non-payment of tax - to identify potential solutions, including legislation, operational measures or other action. The proposals are not intended to affect companies that enter insolvency for genuine commercial reasons.
As expected, HMRC have published a consultation document entitled ‘Capital Gains Tax: payment window for residential property gains’. This sets out proposals for a 30 day payment window to apply from April 2020, for taxable capital gains on disposal of residential property. This consultation closes on 6 June 2018.
HMRC have updated the address to which elections outside of the corporate interest restriction (CIR) return should be sent. They should now be sent to Customer Engagement Team, WMBC, Euston Tower, 286 Euston Road, London, NW1 3UQ. Please note this only applies to groups which do not have a Customer Compliance Manager (CCM).
The First-tier Tribunal (FTT) have dismissed an appeal against HMRC’s refusal of relief from the higher rate of SDLT on the purchase of a property which was to be converted into a bed and breakfast.
A number of pieces of guidance on Welsh Land Transaction Tax (LTT) have been published:
David Miller, Partner at KPMG in the UK, responds to the FCA’s 2018/19 business plan, stating that the FCA has placed a lot of focus on its response to EU withdrawal and how its progress will be watched closely. He also comments on consumer vulnerability, innovation and regulation.
Following a huge Q4’17 which saw over $2.8 billion invested, VC investment in the UK slowed in the first quarter of 2018 according to KPMG’s Venture Pulse report for Q1 2018. The UK played host to seven of the top 10 European deals in the last quarter of 2017, but managed to scrape just one of the 10 in the first quarter of 2018.