HMRC is consulting until 28 March 2018 on draft regulations to update and replace the 1995 regulations concerning the taxation of investment returns from basic life assurance and general annuity business (BLAGAB), where life insurance companies reinsure this business with a reinsurance company.
The Capital Allowances (Energy-saving Plant and Machinery) Order, SI 2018/268, brings into force the revised energy technology criteria list and energy technology product list with effect from 22 March 2018.
The Income Tax (Pay As You Earn) (Amendment) Regulations, SI 2018/267, provide for various changes taking effect from 6 April 2018, including the new PAYE settlement agreement (PSA) process.
These regulations cover:
The Enactment of Extra-Statutory Concessions Order, SI 2018/282, puts four existing ESCs on a statutory footing with effect from 6 April 2018. These are:
The Taxation (International and Other Provisions) Act 2010 Transfer Pricing Guidelines Designation Order, SI 2018/266, updates the definition of ‘the transfer pricing guidelines’ in TIOPA 2010 to refer to the latest version of the OECD’s ‘Transfer pricing guidelines for multinational enterprises
The Tonnage Tax (Prescribed and Specified Matters) Regulations, SI 2018/238, prescribe the period from 2 October 2014 to 1 October 2017 as the three-year period over which HM Treasury must determine whether the percentage of ships registered with EU or EEA member states has decreased as a proport
HMRC has release details to the professional bodies of its late filing penalties for the trust registration service. There will be fixed penalties for trusts registered up to six months late and tax-geared penalties of 5% for registrations made more than six months late.
The Welsh Revenue Authority (WRA) has opened its new online system for professional agents to register for land transaction tax (LTT). The WRA has also released further additions to its technical guidance on LTT, including how to apply for a tax opinion.
HMRC has laid the main regulations for the new fulfilment house due diligence scheme. Registration for the scheme opens in April 2018, with the obligations coming into force in full on 1 April 2019.
The UK/Chile DTC ‘most favoured nation’ clause has come into force, and the UK and Mauritius have signed a new protocol.