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Consultations published alongside Finance Bill 2018-19

Consultations published alongside Finance Bill 2018-19

On 7 November 2018, HMRC published a number of consultations.

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Director, Tax Policy

KPMG in the UK

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On 7 November 2018, HMRC published a number of consultations concerning, amongst others: taxing the digital economy via a digital services tax; amending and supplementing stamp duty legislation; and reviewing the taxation of trusts. Most of the consultations have varying deadlines. HMRC also published summaries of responses and next steps on various consultations that had been concluded in 2018.

In relation to the consultations that have been opened, by far the most significant is the proposal for a new digital services tax and we have included separate commentary is this edition of Tax Matters Digest. There were also consultations opened:

On the taxation of trusts: a review
As first announced at the 2017 Autumn Budget, the Government is considering and inviting views on how to make the taxation of trusts simpler, fairer, and more transparent. For those with either UK trusts or offshore trusts, significant points are raised in this consultation through examples of where the Government perceives that the taxation of trusts might not be fair and neutral. If you might be impacted please speak to your usual KPMG in the UK contact.
The consultation closes on 30 January 2019.
Contacts: Daniel Crowther, John Turbervill

On amending consideration rules for stamp duty and SDRT
This concerns extending the stamp duty and stamp duty reserve tax (SDRT) market value rules, as well as aligning the rules relating to the definition of ‘consideration’ for stamp duty and SDRT purposes. The changes proposed have important consequences for the mergers and acquisitions and asset management sectors and this will be covered in more detail in next week’s Tax Matters Digest. 
The consultation closes on 30 January 2019.
Contact: Sean Randall

On reducing the time limit to make a SDLT return and pay tax due
HMRC are requesting comments on a draft statutory instrument which would take effect on 1 March 2019. As well as reducing the time limit to make a Stamp Duty Land Tax (SDLT) return and pay the tax due, it would also reduce the number of questions on the SDLT return.
The consultation closes on 23 November 2018.
Contact: Sean Randall

On amendments to tax returns
In this Call for Evidence, the Government is looking at how tax returns are amended and recognises that there is an opportunity to modernise the amendments process. This sits alongside and complements HMRC’s digital agenda.
The consultation closes on 6 February 2019.
Contacts: Anne Parker, Roger Gadd

HMRC also published a number of response documents setting out the next steps in relation to earlier consultations.  This includes the review of the corporate intangible fixed assets regime where we have included separate commentary in this edition of Tax Matters Digest. Response documents were also published in relation to:

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