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Other news in brief

Tax news in brief 17 Aug 2018

A round up of other news this week.


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HMRC have confirmed that the increased rates of interest applicable to late and early payments will be 3.25 percent for late payments and 0.50 percent for repayments as of 21 August 2018.

The Finance Act 2018, Section 14 and Schedules 4 and 5 (Commencement) Regulations 2018 have been published. These regulations bring into force certain amendments made in Finance Act 2018 to the enterprise investment scheme (EIS), seed enterprise investment scheme (SEIS) and venture capital trust (VCT) reliefs.

The 2017 UK-Belarus Double Taxation Convention has been published. It was signed on 26 September 2017 and entered into force on 27 July 2018.

The stamp duty land tax (SDLT) rules on residential property transactions have never been more complex. Click here to join our webinar on Thursday 6 September at 13:00 and learn about the various tax rates in order to confirm the right amount of SDLT payable.

Yael Selfin, KPMG in the UK’s Chief Economist commented that clients are concerned about skills shortages, as recent data confirms that the UK labour market continues to tighten, with the proportion of vacancies rising in 10 out of 18 sectors in Q2 against the previous quarter.

KPMG in the UK’s Director of Trade, David Slater reviewed the recent trade figures from the ONS, stating that the UK GDP has grown steadily having seen a narrowing of the trade deficit. However, in the three months to June 2018, the UK trade deficit increased by £4.7 billion to £8.6 billion due to the rise in goods imports and a drop in goods exports.

The recent Q2 GDP data was released and Yael Selfin, KPMG in the UK’s Chief Economist offered her take on this, mentioning that the recent good weather brought a bit more growth to the UK economy in the second quarter. The UK’s GPD growth at 0.4 percent once again surpassed that of the Eurozeone’s which was 0.3 percent.

And finally… Tax Matters Digest will be taking a break next week for the bank holiday. We’ll return on 31 August as usual.

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