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Fortnight to 13 September 2018

Welcome to our latest update on recent developments in international and treasury tax of interest to multinationals operating in the UK.

Draft Finance Bill 2018-2019:

Brexit - UK government's preparations for a no deal scenario
As announced by the Prime Minister and Secretary of State for Exiting the European Union in July 2018, the government will be publishing a series of technical notices which set out information to allow businesses and citizens to understand what they would need to do in a ‘no deal’ scenario, so they can make informed plans and preparations. The first 25 of these notices have been published here.

Changes to SDLT filing and payment requirements
Stamp Duty Land Tax (“SDLT”) is charged on transactions involving interests in land in England and Northern Ireland. Within the Draft Finance Bill 2018-19, the Government has announced changes to the compliance requirements for SDLT returns. The legislation would reduce the deadline for filing a return (and settling any SDLT liability), from 30 days to 14 days following the effective date of the transaction. The new requirements would apply to transactions with an effective date on or after 1 March 2019.