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Other news in brief

Other news in brief

A round up of other news this week.

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Also on home.kpmg

  • New HMRC factsheet on Country-by-Country reporting penalties.
  • HMRC update on progress on the Making Tax Digital programme.
  • OTS evaluation of progress on its ‘Guidance for taxpayers’ review.
  • Substantial Shareholding Exemption: Paragraph 15A Schedule 7AC TCGA.
  • BRC-KPMG Retail Sales Monitor for March published.

On 22 April 2021, HMRC published factsheet CC/FS59 which provides details on the penalties they may charge in relation to Country-by-Country reporting (CbCR). These include penalties for inaccurate information and penalties for not meeting obligations under The Taxes (Base Erosion and Profit Shifting) (Country-by-Country reporting) Regulations 2016.

On 19 April 2021, Joanna Rowland (Director General of Transformation at HMRC) provided an update to the Economic Affairs Committee on progress on Making Tax Digital (MTD). The letter sets out progress to date on VAT as well as the plans to expand MTD to other taxes in the future.

The Office of Tax Simplification (OTS) has published a paper which provides an evaluation update on its October 2018 report on “Guidance for taxpayers: a vision for the future”. The paper says that “the OTS considers that considerable progress has been made following the publication of the OTS’s Guidance report in October 2018, and trusts this will continue”.

In M Group Holdings Ltd v Revenue & Customs [2021] UKFTT 69 (TC) the First-tier Tribunal has upheld HMRC’s view that paragraph 15A Schedule 7AC TCGA cannot apply to treat the substantial shareholding and investee company requirements of the substantial shareholding exemption (SSE) as met where the transferee company is a newly incorporated subsidiary of what was previously a single trading company.

The BRC-KPMG Retail Sales Monitor for March has recently been published reporting that 2020 was a turbulent year in which much of retail bounced between being open and closed, significantly impacting sales and the ability to make meaningful comparisons. In this report, all 2021 figures are compared with 2019 (pre-pandemic). This means our 2021 figures are now year-on-two-years (Yo2Y), rather than year-on-year (YoY).

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