A round up of other news this week.
On 12 March 2019, the Council of the European Union adopted a revised EU ‘black list’ of non-cooperative jurisdictions for tax purposes. In addition to the five jurisdictions that were already listed, the revised list now includes ten jurisdictions that did not deliver on their respective commitments on time: Aruba, Barbados, Belize, Bermuda, Dominica, Fiji, Marshall Islands, Oman, United Arab Emirates and Vanuatu. For more information please refer to the Euro Tax Flash published by KPMG’s EU Tax Centre.
Two statutory instruments were published: the Capital Allowances (Energy-saving Plant and Machinery) (Amendment) Order 2019 and the Capital Allowances (Environmentally Beneficial Plant and Machinery) (Amendment) Order 2019. These update the list of assets/ technologies that qualify for Enhanced Capital Allowances.
The Pensions Regulator issued its Annual Funding Statement recently setting out its latest expectations for funding of defined benefit (DB) pension schemes, particularly those with actuarial valuations over 2018/19. Mike Smedley, Pensions Partner KPMG in the UK stated, “given the desire to strengthen DB pensions funding, the Regulator’s robust stance makes perfect sense”.
Chief Economist at KPMG in the UK, Yael Selfin highlights the limited headroom the Chancellor has despite the improved revenue forecasts.
Commenting on the Spring Statement, James Stewart, Head of Brexit at KPMG in the UK said: British businesses have a two and half-year backlog of major restructuring, cost management and investment decisions to make, and there is a deal dividend waiting to be released if political agreement can be achieved.