• Service: Tax, Global Indirect Tax, Global Transfer Pricing Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 5/23/2014

United Kingdom - Proposed venture capital amendment in Finance Bill 

May 23: HM Treasury published on 19 May 2014 an information note intended to clarify the scope of a proposed "Report stage" amendment to Finance Bill 2014 that would restrict companies that benefit from particular renewable subsidies using the tax-advantages venture capital "schemes."

The information note states that the government intends the legislation to follow an approach that is very similar to that taken when feed-in-tariffs were excluded from the venture capital "schemes" in 2012. This means that several methods of production of energy, and several types of companies will not be excluded by the legislation.

The note also confirms there will be a consultation on a more general exclusion, which will take place during summer 2014.

Read a May 2014 report [PDF 627 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (23 May 2014)

Other topics discussed in the KPMG report concern:

  • OECD Public Consultation - TP Documentation and Country-by-Country Template
  • Almos Agrárkülkereskedelmi - CJEU Judgment
  • Roger Skinner Ltd - Upper Tribunal decision
  • Pinevale Limited - Upper Tribunal decision

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