A round up of other news this week.
As promised at the 2016 Budget, on 18 August the Government published a consultation document on a new UK-wide Soft Drinks Industry Levy that will apply to the production and importation of soft drinks containing added sugar. A short note titled Soft Drinks Industry Levy: 12 things you should know was published alongside the consultation. Comments have been requested by 13 October 2016.
HMRC have published the automatic exchange of information (AEOI) submission schema set: 2.0 (including associated user guide) and AEOI submission valid samples: 2.0. These cover the US Foreign Account Tax Compliance Act (FATCA), the UK’s Crown Dependencies and Overseas Territories (CDOT) and Common Reporting Standard (CRS) reporting.
A recent Upper Tribunal decision, (Telng Limited v HMRC) confirms that a notice from HMRC to produce documents solely by email or post is valid.
HMRC are undertaking an informal consultation on draft regulations that will provide double taxation relief for European Bank Recovery and Resolution Directive (BRRD) contributions charged to entities also within the scope of the UK bank levy. This consultation is running until 23 September 2016. If you are interested in seeing the draft regulations and have not received a copy directly from HMRC please speak to your usual KPMG contact.
KPMG in the UK and The Open University (OU) are joining forces to launch an apprenticeship service that enables employers to identify and fulfil their future training needs, following the Government’s plan to introduce the Apprenticeship Levy.