A round up of other news this week.
The Finance (No. 3) Bill completed its path through Parliament when it received Royal Assent on 12 February 2019. It has now become Finance Act 2019.
In a communication on 14 February 2019, the OECD released a note on its progress with the implementation of the BEPS package, specifically on additional peer review reports assessing countries’ efforts to implement Action 6 and Action 14.
The Supreme Court has refused permission to appeal in Leekes Ltd v HMRC Commissioners. This case was of widespread interest when the First-tier Tribunal (FTT) concluded that losses brought forward from a trade that was then transferred to a group company did not have to be streamed against profits of the transferred trade where there is only one combined trade post-transfer. However, both the Upper Tribunal and Court of Appeal disagreed with the FTT in favour of the widely held view that streaming was required in those circumstances – this position is now confirmed. This case will only have an impact on the use of losses brought forward into current and future periods from before April 2017 as the rules on corporate tax loss relief have been changed.
The UK remained the top destination for fintech investment activity in Europe with over $20.7 billion in deals in 2018 but lost its global crown, according to the latest KPMG Pulse of Fintech report.
UK automotive executives believe that the owner/driver of a connected car in future will not own the data their vehicle generates, according to KPMG’s Global Automotive Executive Survey 2019.
KPMG Global Legal Services reports record growth in 2018 as organisations seek new kinds of legal solutions.