Consultations

Tax / Future of capital allowances up for OTS review

The Office of Tax Simplification (OTS) is to review options for replacing the current capital allowances tax relief system with an accounts depreciation approach as the current model is too complicated and expensive for businesses to administer, reports Sara White

Tax / HMRC launches consultation on Help to Save scheme

HMRC has published a six-week technical consultation on secondary legislation relating to the Help to Save scheme aimed at working families on low incomes, which is set to launch in April 2018

Tax / HMRC consults on four extra-statutory concessions (ESCs)

HMRC has published its eighth technical consultation as part of its ongoing review of extra-statutory concessions (ESCs), which focuses on draft legislation designed to enact four specific ESCs

Tax / Landfill tax to be extended to illegal waste sites

HMRC is holding a six-week consultation on draft legislation in Finance Bill (no.2) which will extend the scope of landfill tax to include disposals at sites which do not have an appropriate environmental permit, to ensure rogue operators handling waste illegally will have to pay

Tax / Master Trust pension schemes to be targeted by taxman under new powers

The government is giving HMRC new powers to refuse to register and to de-register master trust pension schemes and schemes for dormant companies which are not authorised by The Pensions Regulator in a bid to curb pension scams

Tax / HMRC to review approach to tax compliance in big companies

HMRC is considering adopting a new, more differentiated approach to managing tax compliance amongst the largest companies, and is a consulting on potential changes to its business risk review (BRR) process, which has not been updated for a decade

Tax / Tax evasion corporate criminal offence guidance updated

HMRC has finalised guidance on the corporate criminal offence of failing to prevent the facilitation of tax evasion, which requires businesses to implement ‘reasonable prevention procedures’ to meet the demands of the legislation, which comes into effect at the end of this month

Tax / Switzerland plans to overhaul corporate tax regime

Following several failed attempts to win support for an overhaul of the Swiss corporate tax regime, Switzerland’s Federal Council has started a new consultation on an updated package of corporate tax reforms, which it says will meet international requirements but will have less of an impact on the federal budget

Tax / Treasury consults on tax breaks for financing innovative companies

The Treasury is consulting on ways to increase the sources of finance for innovative, high growth potential companies as part of a review of the use of patient capital

Tax / Finance Bill (No.2) 2017 briefing confirms retrospective tax rules

The Treasury has issued a briefing note on Finance Bill (No.2) 2017 setting out the key legislative changes with a very brief description of each measure and clarifying whether measures will be retrospective from non-doms to loss relief reform, but hints that changes to the dividend nil rate could be delayed

Tax / Tax regime for insurance linked securities introduced

The Treasury has published new regulations designed to introduce a competitive regulatory and tax regime for insurance linked securities (ILS), which includes corporation tax exemptions to ensure that UK gets a share of this rapidly growing market

Tax / OECD consults on updated model tax convention

The OECD committee on fiscal affairs has released a draft of the planned 2017 update to the OECD model tax convention, and is seeking feedback solely on those elements which have not already been approved as part of its work on the Base Erosion and Profit Shifting (BEPS) project

Tax / OECD consults on BEPS Action 10 detail on profit split treatment

As part of the Base Erosion and Profit Shifting (BEPS) project, the OECD has issued a call for comment on a discussion draft of additional guidance on Action 10 Profit Splits, designed to clarify the application of transfer pricing methods, in particular the transactional profit split method, for multinationals using global distribution and procurement networks

Tax / OECD consults on BEPS 7 guidance for attributing profits to PEs

The OECD has issued a consultation to guage feedback on additional guidance on the application of BEPS Action 7 Preventing the Artificial Avoidance of Permanent Establishment Status, which will be used as the framework rules to determine the attribution of profits to permanent establishments (PEs)

Tax / Queen's Speech 2017: government set to consult on social care plan

The government will go ahead with plans to overhaul the funding of social care with a consultation scheduled for the two-year parliamentary session but has not set out details about how this would work, the level of any cap or how much people would have to pay for care, reports Sara White
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