• 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

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