The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692, came into force on 26 June, replacing the Money Laundering Regulations 2007.
The OTS has published a new paper as an update to its December 2016 focus paper on tax issues affecting the ‘gig’ economy. The latest paper contains more on VAT considerations, particularly the cross-border issues around online platforms.
Alongside the new money laundering regulations, the government has laid regulations modifying the rules for the public register of information about people with significant control over UK companies and LLPs with effect from 26 June 2017.
The deadline for submitting 2016/17 returns through the ERS online service has been extended to 24 August 2017. HMRC has granted the extension as a result of technical problems with the service, preventing the submission of returns in some instances.
The CIOT would like to see commencement of the government’s non-domicile reforms deferred until 6 April 2018, but with the ability to elect into deemed domicile from 6 April 2017.
HMRC has added Spotlight 38 to its targeted list of tax avoidance schemes. This concerns VAT supply splitting, where HMRC takes the view that a single supply of goods or services has been split artificially into separate supplies, giving a lower rate of VAT overall.
The Office of Tax Simplification has published its first annual report since being put on a statutory footing in November 2016, although the report also covers the period since the body was set up in July 2010.
HMRC has published the following:
Information notices and application for a closure notice
Were share options deductible?