A round up of other news this week.
The Chancellor, Philip Hammond, will deliver the 2019 Spring Statement to Parliament on 13 March 2019. We will report on any tax-related announcements in next week’s edition of Tax Matters Digest.
HMRC have updated ‘VAT Notice 700/22: Making Tax Digital for VAT’ to include a new section 3 on claiming exemption from Making Tax Digital (MTD). The main reasons for exemption are that it is not reasonably practicable to use digital tools (age, disability, remoteness of location etc.), religious beliefs or the business is subject to an insolvency procedure. A business wishing to claim exemption from MTD must contact HMRC by phone or in writing.
Legislation has now taken effect to reduce the time limit for filing stamp duty land tax returns and paying the tax due, for transactions on or after 1 March 2019. The time limit for filing ‘initial returns’ has been changed from within 30 days to within 14 days of the ‘effective’ transaction date. The time limit for filing ‘further returns’ and making deferral requests continues to be 30 days. HMRC have updated their guidance on ‘Stamp Duty Land Tax online and paper returns’ in this respect.
The Pensions Regulator issued its Annual Funding Statement, setting out its latest expectations for funding of the defined benefit (DB) pension schemes, particularly those with actuarial valuations over 2018/19.
According to a new report from KPMG in the UK, the scale and pace of fintech development is causing fears among regulators of harm to consumers and risks to the financial system.
Commenting on the £1.6 billion Stronger Towns Fund launch, Chris Hearld, North Region Chairman at KPMG in the UK, highlighted how his recent ‘Stronger Towns Fund’ announcement was positive but as always, the challenge will be in the delivery.