A round up of other news this week.
Finance Bill 2020 had its second reading in the House of Commons on 27 April 2020. In most years the next step is a Committee of the Whole House to debate some selected clauses from the Bill but this will not be happening this year and instead the whole Bill will be looked at by the Public Bill Committee. At the time of writing no date has been published for the commencement of the Committee stage but it has been confirmed that the Committee’s proceedings are to be concluded by Thursday 25 June 2020.
In this year’s Budget, it was announced that the Government would legislate to apply a zero rate of VAT to e-publications so that e-books, e-newspapers, e-magazines and academic e-journals so they are entitled to the same VAT treatment as their physical counterparts. This change was originally intended to take effect from 1 December 2020 to allow for consultation on the details of the legislation ahead of its implementation. On Thursday 30 April 2020, the Chancellor announced that the zero rate of VAT will now apply to all e-publications from 1 May 2020. HMRC subsequently issued a Brief, policy paper and guidance.
Andy Pyle, UK Head of Real Estate at KPMG in the UK, comments on the new measures announced by BEIS to protect UK high streets from aggressive rent collection and closure.
Chris Barnes, Partner at KPMG in the UK, asks what does COVID-19 mean for Boards and Remuneration committees thinking about the 2020 performance year?
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