Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 7/26/2013

United Kingdom - Investment management, corporate debt reform proposals 

July 26: HM Revenue & Customs (HMRC) released for comments three consultations that generally would serve as starting point for future legislation affecting the investment management sector.

The KPMG member firm in the United Kingdom has published a report that discusses these three HMRC consultations—as well as a fourth consultation (modernising the taxation of corporate debt and derivative contracts)—and that focuses on proposals for changes to the treatment of “bond funds” and to the “corporate streaming” rules.


The consultation on corporate debt and derivative contracts is open until 29 August 2013, and is intended to introduce new legislation in Finance Bills 2014 and 2015.


Discussed in this report are the following topics:


  • Guide to creative sector tax reliefs
  • Review of business premises renovation allowance (BPRA) legislation
  • Consultation – venture capital trusts (VCT) share buy-backs
  • Consultation – shale gas
  • Double tax agreements – draft statutory instruments
  • Real Time Information – HMRC updates
  • Further consultation on transfer of assets abroad (ToA) legislation
  • VAT – CJEU Judgment in PPG Holdings
  • VAT – CJEU Opinion in Ibero Tours



©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now