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Other news in brief

Other news in brief

A round up of other news this week.

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Katheryn Cearns OBE will succeed Angela Knight CBE as the new Chair of the Office of Tax Simplification (OTS) as of 18 March 2019. This represents the second change of leadership at the OTS since the beginning of the year, following Bill Dodwell’s appointment as Tax Director in January. You can read HM Treasury’s full announcement here.

Following earlier consultation The Income Tax (Construction Industry Scheme) (Amendment) and the Corporation Tax (Security for Payments) Regulations 2019 have been laid. These regulations extend HMRC’s ability to require businesses to provide an upfront security deposit (where revenue is deemed to be at risk) to sums due under the Construction Industry Scheme and to corporation tax.

The Annual Tax on Enveloped Dwellings (Indexation of Annual Chargeable Amounts) Order 2019 has been laid, setting out the annual chargeable amounts of tax for chargeable periods beginning on or after 1 April 2019.

Welsh Finance Minister, Rebecca Evans, announced the Welsh Government’s Tax Policy Work Plan for 2019. The plan focuses on improving tax administration, strengthening links between tax and policy, and ensuring taxes remain fair throughout the process.

The UK ratified its double tax treaty and protocol with Austria, giving UK domestic effect to the tax treaty and protocol signed by both countries on 23 October 2018. Once the UK and Austria have notified each other that their domestic legislative processes are complete, the treaty will have effect in the UK for the following year of assessment beginning on or after 6 April (income and capital gains tax), or financial years on or after 1 April (corporation tax).

According to research commissioned by KPMG and compiled by Impact Social, following analysis of the social media posts made by over 32,000 firms, net business sentiment about Brexit amongst small and medium sized businesses has dropped by 12 percentage points since January 2019.

For the first time in KPMG International’s annual Global Technology Industry Innovation Survey, more than half of the respondents believe Silicon Valley will no longer be the technology innovation centre of the world in four years’ time. 11 of the top 15 cities named by respondents are located in the US and the Asia Pacific region.

KPMG Chairman in the UK, Bill Michael, featured on Radio 4’s Bottom Line programme to talk about the future of auditing which is available on BBC Sounds.

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