A round up of other news this week.
Businesses who use the GIANT (Government Information and NHS Trust) service should shortly be receiving confirmation in writing from HMRC that they will not be required to follow the Making Tax Digital (MTD) rules before April 2022. Those affected should continue to submit their VAT returns as they do now.
In the case of Aozora GMAC Investment Ltd v Revenue And Customs, the taxpayer was denied UK corporation tax relief for US tax withheld on interest paid from a subsidiary. They contended in their claim for judicial review that wording in HMRC’s International Manual (since corrected) gave rise to a legitimate expectation that their claim for double taxation relief would have been allowed. The High Court rejected their application in 2017 and the Court of Appeal has now upheld that decision and rejected the taxpayer’s appeal.
The OECD announced that the ‘Platform for Collaboration on Tax’ (a joint initiative of the International Monetary Fund, OECD, United Nations and World Bank) is seeking feedback on a draft toolkit designed to help developing countries in the implementation of effective transfer pricing documentation requirements.
The September BRC – KPMG Retail Sales Monitor has been published highlighting that the prospect of a ‘no deal’ Brexit has seen consumers holding back on spending. Paul Martin, Head of Retail at KPMG in the UK, commented that in September 2019 like-for-like sales declined by 1.7 percent compared to last year.
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