Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 9/21/2012

United Kingdom - Draft Finance Bill to be published 11 December 

September 21: Draft Finance Bill clauses will be published on Tuesday 11 December 2012, and will be “open for consultation” until 6 February 2013.

Also, on or before 11 December 2012, HM Treasury and HM Revenue & Customs (HRMC) will publish responses to consultations provided by interested parties concerning over 35 of the tax policies announced in the 2012 Budget.

Consultations update

A review of HMRC consultations in varying stages includes:


  • The most recent consultation on the proposed General Anti Abuse Rule (GAAR) closed on 14 September.
  • HMRC this week released a consultation document regarding the potential implementing legislation for the Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement signed between the UK and the United States.
  • HMRC issued draft guidance updating the business leasing manual to reflect changes to the leasing tax anti-avoidance rules. Comments are due by 31 December 2012.
  • The UK government published draft regulations concerning the gift aid small donations “scheme” (regime) which in general would allow charities to claim a “top-up” payment from government equivalent to gift aid on small cash donations, up to a certain limit. Comments are due by 5 December 2012.
  • HMRC is “consulting” on various possible changes to the income tax treatment of interest, and an update statement is due to be issued in October.

Read a September 2012 report [PDF 158 KB] prepared by the KPMG member firm in the UK: Weekly Tax Matters (21 September 2012)


Other topics discussed include:


  • The end to PAYE mixed schemes
  • First-Tier Tribunal decision – discovery case on “prevailing practice”
  • VAT: EU proposal on vouchers; text of new regulation



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