Enhanced Transfer ValuesEnhanced Transfer Values are now a mainstream tool for pension risk management, and quality appears to be rising in the face of regulatory concerns. Insurance business transfers in the new life tax regimeThe major changes to the treatment of insurance business transfers in the new life insurance tax regime means that groups progressing or contemplating transactions should reassess their restructuring processes and analysis of tax risk. Employee Incentives Update 2012KPMG’s latest edition of the Employee Incentives Update includes an article on meeting the tax and regulatory challenges of operating share plans globally. KPMG’s year end tax checklistAs the tax year ends on April 5 2012 approaches, the private client team at KPMG in the UK has put together a checklist of tax issues to consider covering income tax... Budget 2012: Tax relief boost for creative industriesLucy Parry, Media Tax Specialist at KPMG says "This is a welcome boost for the UK creative industries. It will hopefully prevent large budget British TV productions like Titanic and The Tudors being filmed abroad where tax breaks are more generous." Budget 2012: SMEs – Chancellor lifts the moodMalcolm Edge, UK Head of National Markets said "SMEs in the UK would have wanted to have seen three things from the announcement today, how to improve competitiveness, how to de-cluter leglislation and how to stimulate growth. Practical implications of FATCA for UK insurersKPMG discusses some practical FATCA considerations, such as the impact on investments, policy documentation and personal pensions, and indentifies areas to discuss further with industry bodies. Swallowing the FATCA operational challengeKPMG discusses the practical implications of FATCA guidance, including perceptions that it only impacts US investors. The article considers whether pension policies in or out of scope and the operational challenges facing insurance companies. Tax in the CloudBusiness models are evolving as companies worldwide respond to changes in technology and the rise of cloud computing. UK-Swiss Agreement Client Briefing SheetA new tax agreement between the UK and Switzerland was signed on 6 October 2011 by the governments of the UK and Switzerland. The agreement is expected to enter into force from 1 January 2013. Employee Incentives Update – February 2012KPMG’s latest edition of the Employee Incentives Update includes an overview of the new and amended long-term incentive plans put to shareholders by FTSE 350 companies in 2011. Salary Sacrifice post Reed Employment CaseReed Employment case, Reed Employment plc v The Commissioners for HM Revenue and Customs, salary sacrifice schemes, salary sacrifice arrangements, KPMG employment issues, KPMG employment tax The hidden cost of delayed FATCA regulationsThe U.S. Internal Revenue Services’ (IRS) delay in release of the proposed regulations for the Foreign Accounts Tax Compliance Act (FATCA) may drive up the costs of compliance programmes, warns KPMG. Pensions Audit and Assurance Survey - December 2011Half of pension schemes believe their pension liabilities should form part of their annual accounts and be subject to audit, according to a KPMG survey of 250 major pension schemes with assets ranging from £100m to over £1bn. KPMG welcomes delay to residence testHM Treasury has decided to delay the implementation of a new statutory residence test until April 2013 – a year later than the original proposal of April 2012 GAAR report publishedOn Monday 21 November, HM Treasury published a report written by Graham Aaronson QC recommending the introduction of a General Anti Avoidance Rule (GAAR) in the UK. KPMG's Guide to Directors' Remuneration 2011KPMG’s Guide to Executive Remuneration 2011 surveys market practice in relation to executive pay and incentives and non-executive directors’ fees in FTSE 350 companies over the past 12 months. Employee Incentives Update November 2011This quarter's edition of Employee Incentives Update (EIU) summarises the key findings of KPMG's Guide to Directors' Remuneration 2011 which surveys executive pay and incentives and non-executive directors' fees in FTSE 350 companies. Analysis: Updates to HMRC’s International ManualWithin the past month HMRC has released a number of updates to its International Manual. In among the changes are some interesting insights into HMRC working practices and ‘customer friendly’ initiatives. Solving tax for Solvency IIThe solvency capital requirement is defined as an amount equal to a 1 in 200 year loss. Crucially, this loss is net of any tax relief and so this tax relief is a key driver of the overall capital requirement. Analysis International Briefing for October 2011The HMRC proposals on tax treaties anti-avoidance have been dropped following widespread objections. The ECJ National Grid Indus case looks at the Dutch exit tax rules but may also have implications for other Member States. Pensions Repayment Monitor 2011FTSE 100 Pension Deficits more affordable as earnings improve but companies need to ensure they are capturing full value from their contributions Pensions Auto Enrolment: one year to goWith just a year to go before auto enrolment becomes compulsory for large employers, KPMG is warning that businesses that have not already begun to plan for this major change need to take action fast The UK as a holding company locationThe UK Government has taken steps to make the UK tax system much more competitive for holding companies. This has led to the return of companies who previously migrated from the UK, as well as the establishment of a number of new holding companies. Patent BoxThe Patent Box gives companies that are holding patents and using them in their business the opportunity to signifi cantly reduce their UK tax burden. ETF 166 ECJ National Grid Indus CaseDutch exit tax – taxation of unrealized foreign exchange gains – freedom of establishment – balanced allocation of taxing rights – cohesion of tax system. 2011 KPMG LDI SurveyThe 2011 KPMG LDI Survey finds that UK pension funds are choosing to spread their liability matching assets across a very small number of fund managers. Controlled Foreign Company (CFC) ReformSince June 2007, the Government has been consulting extensively on proposals for a new Controlled Foreign Company (CFC) regime. View KPMG’s commentary and analysis on the proposed new regime. Tax Services for Corporate OccupiersThere is a tax angle on every property transaction. KPMG’S real estate tax team can help clients identify the issues and work with them to increase cashflow by reducing the tax costs. Euro Tax Flash 26 July 2011On July 21, 2011, the European Court of Justice ("ECJ") rendered its judgment in the Scheuten Solar Technology case (C-397/09). Euro Tax Flash 20 July 2011German tax credit on EU dividends – requirement and form of corporate tax certificate in order to be able to claim German tax credit. M&A Tax Matters Issue 78 July 2011This month we are off to South America for a look at some of the key tax considerations affecting transactions in Argentina, Brazil, Chile, Mexico and Uruguay. Patent Box ConsultationA consultation document was issued by HM Treasury on 10 June 2011 which considers the proposed operation of a “Patent Box” regime under which profits arising from patents would be taxed at a preferential rate of 10 percent. Resolving tax disputesThe context for resolving tax disputes continues to change with each development in the tax environment; whether that be new legislation, pressure on tax receipts or pressure on businesses to add value and manage cash. Employee incentives update May 2011HM Revenue & Customs (HMRC) guidance published in February suggested most mainstream share plan and deferred remuneration arrangements would be removed from the scope of the new rules. Pensions Accounting Survey 2011KPMG's Pensions Accounting Survey 2011 shows that most UK companies saw pension balance sheets improve over 2010, with strong asset returns more than offsetting slightly tighter real discount rates. M&A Tax MattersM&A Tax Matters focuses on topical issues impacting transactions. Read the latest edition Disguised RemunerationA number of companies use employee sub-trusts – sometimes called ‘family benefit trusts’ – for the purposes of operating their share plans. Personal PerspectivesPersonal Perspectives covers a variety of contemporary points relevant to Private Clients including wealthy individuals, family offices, high earning executives, entrepreneurs, equity partners, family business owners, overseas nationals... Weekly Tax MattersRead KPMG's new weekly tax publication which provides tax and finance professionals with an overview of the latest tax developments and forthcoming issues every Monday.
KPMG helps the ICAEW demystify XBRLKPMG in the UK has authored a guide to the online e-filing language, XBRL, for the Institute of Chartered Accountants in England and Wales' IT Faculty and Tax Faculty. Weekly Tax Matters 4 May 2010A weekly newsletter which covers the latest issues in taxation and government announcements relating to tax matters. Pensions Repayment MonitorThis is the fifth Pensions Repayment Monitor by KPMG in the UK. Over the last four years our survey has continued to show that many FTSE 100 companies would be able to repay their pension scheme deficits from discretionary cash flow M&A Tax Matters - Issue 76Issue 74 - External publication of KPMG's UK M&A Tax Group, focusing on topical issues impacting transactions. In this issue: Debt/equity swaps – A new trap for the unwary?; Controlling Cash FundingIn a clear illustration of how unaffordable defined benefit schemes have become, KPMG's fourth annual Pensions Repayment Monitor found that, for the first time Rising Income Tax and Pension CostsEmployers face a challenge in the year ahead to manage the impact on their businesses of rising employment costs from the changes introduced in the Finance Act 2009.
Cost ReductionsWhen employers look at cutting costs, this invariably impacts upon employees. Quite rightly, even in the current climate, employers still generally regard headcount reduction as a final resort. P11D Submission Deadline 6th July 2010/2011Welcome to the KPMG P11D Solutions page for the 2010/2011 tax year. KPMG have been producing market leading HMRC approved P11D software for over a decade through our own P11D Solutions software.
NICs: Employers Face Higher Rate Next AprilEmployers will be disappointed, if not surprised, that the increase in National Insurance Contributions (NICs) of 1 percent for employees and employers will be going ahead from 6 April 2011 Bank Payroll Tax - Time for PaymentThe 31 August 2010 deadline for payment of the Bank Payroll Tax (BPT) is rapidly approaching. If a bank wishes to make one payment on behalf of a group the bank needs to request a unique CHAPS ID from HMRC by 11 August 2010. Pensions for BreakfastKPMG's Pensions Club is designed to provide an insight into current hot topics for companies and trustees alike. Optimising your Pension Benefit StrategyPension benefits can be an expensive and complex part of an employee's remuneration. However there is a wide range of actions on benefit strategy that can be pursued to mitigate rising pension costs. Managing Pensions Funding in RecoveryLarger deficits are emerging in many schemes. The working population is living longer, while the credit crisis and subsequent recession has seen the value of pension schemes fall by 30 to 40 percent Getting the Best of Both WorldsBeing able to insure a pension scheme's liabilities and transfer all of the related risks to a third party is a desirable situation for companies and trustees alike New Penalty RegimeThe new cross-tax Penalty Regime is now effective for VAT purposes (applying to tax periods starting on or after 1 April 2008, due for submission after 1 April 2009). Employers' ClubKPMG's Employers' Club has been designed to help employers stay at the forefront of the latest developments in employment tax risk and reward.
KPMG’s Transfer Pricing ClubKPMG's Transfer Pricing Club is a quarterly discursive forum held at our Salisbury Square office in London where Tax/Transfer Pricing Directors and Managers Tax Management ClubKPMG's Tax Management Club (TMC) is distinctively different from traditional seminars. Attendees can share thoughts and experiences with peers over breakfast Tax Disputes ResolutionWe enable clients to unlock value tied-up in unresolved tax issues. The current financial environment has increased pressure on tax receipts and on businesses CFC Interim ImprovementsOn 27 July 2010 the Government published a document on interim improvements to the controlled foreign companies (CFC) rules | 