A round up of other news this week.
HMRC have launched a consultation on a draft statutory instrument (SI) for an extension to investment and cluster area allowances for oil and gas companies. The draft legislation will widen the definition of relevant income for investment and cluster area allowances, so that companies will be able to use tariff receipts to activate the allowances, with effect for accounting periods beginning on or after 16 September 2016. HMRC invite comments on the draft SI by 31 August 2018.
The Office of Tax simplification (OTS) has published its second annual report looking back at the work it has performed during 2017-18. The report highlights some of the key projects completed such as the operation of the business VAT threshold and the potential to replace capital allowances with accounts depreciation. It also highlights some ongoing projects including reviews of Inheritance Tax and the business lifecycle as well as some potential areas for future work such as the tax issues which arise for individuals as they go through life and ways to help low income taxpayers.
The OTS has published a document setting out the scope of a new review of the Business Life Cycle, following on from the previous Business Life Cycle report published in April 2018.
The OECD and the IMF have published their updated report on tax certainty, as a follow up to the first report published in March 2017.
The OECD has released the sixth round of peer reviews on implementation of the BEPS minimum standards on improving tax dispute resolution mechanisms, covering Argentina, Chile, Colombia, Croatia, India, Latvia, Lithuania and South Africa.
The OTS recently published a paper which outlined simplifications for self-employed digital platform workers, including tax withholding by platform operators. KPMG commented that a voluntary withholding regime for self-employed platform workers does have the potential to simplify personal tax compliance and if successful, it could also potentially be extended to other self-employed individuals.