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In brief: FB 2013; regulatory capital services; partnerships; BEPS; pro bodies; toolkits; Budget info

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Finance Bill 2013: House of Lords

The Finance Bill passed its Lords stages on 15 July, and is expected to receive Royal Assent on Wednesday 17 July.

Regulatory capital services

HMRC has published draft regulations for comment on the taxation of regulatory capital securities (The Taxation of Regulatory Capital Securities Regulations, SI 2013/Draft). Comments are invited by 15 September 2013.

OTS review of partnership taxation

As announced at Budget 2013, the Office of Tax Simplification will carry out an initial review by autumn 2013 to identify areas of complexity around partnership taxation and make recommendations. This review will not automatically lead to proposals for change.

OECD BEPS action plan

The much-awaited 48 page OECD report Action Plan on Base Erosion and Profit Shifting will be published on 19 July (see Press Watch, right). It will be available from

Fees & subscriptions to professional bodies

List 3, the list of professional bodies and learned societies approved by HMRC for the purposes of PAYE deductions for professional subscriptions or membership fees under ITEPA 2003 s 344, has been updated.

HMRC toolkits

The HMRC compliance toolkit, VAT Output Tax (2013), is available for use by agents with effect from 1 February 2013. Compliance toolkits VAT Partial Exemption (2013) and VAT Input Tax (2013) are available for use by agents with effect from 12 July 2013.

Treasury review into pre-release of Budget information

Treasury permanent secretary, Sir Nicholas Macpherson, has recommended a ban on the pre-release to media organisations of the core content of future Budgets and Autumn Statements. The chancellor of the exchequer had commissioned a review of the practice of pre-releasing budget information under embargo, following the Evening Standard’s posting of its front page on Twitter on Budget Day 2013.

Issue: 1178
Categories: News