• Service: Tax, Global Indirect Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 6/20/2014

United Kingdom - Proposals address LLP members; Finance Bill update 

June 20:  The department of Business Innovation & Skills (BIS) on 16 April 2014 published a response paper on corporate transparency, which discusses proposals that would potentially affect limited liability partnerships (LLPs).

The proposals prohibit the use of corporate directors and, if adopted, both new and existing LLPs would be required to have only individual members. The UK government is accepting comments on the proposals.

Finance Bill update

The UK Finance Bill completed its “committee” stage on 17 June 2014. It moves next to “report” stage, followed by its “third reading,” which will end its passage through the House of Commons.

A revised version of the bill, incorporating all the amendments made in committee, has been published ahead of report stage, which is scheduled for 1 July. The report stage is the last point at which the bill can be amended. The next stage – third reading- marks the point at which the bill is substantively enacted.

Read a June 2014 report [PDF 775 KB] prepared by the KPMG member firm in the UK: Weekly Tax Matters (20 June 2014)

Other topics discussed in the KPMG report concern:

  • Securities subject to statutory bail-in powers
  • VAT: Prompt payment discounts consultation
  • Granton Advertising (C-461/12) – CJEU judgment
  • New VAT statutory instruments
  • Government confirms “defined ambition” legislation
  • Three month residency requirement for child benefit introduced

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