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Fortnight to 26 July 2018

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

Final list of UK reservations and notifications under BEPS MLI
Following the UK’s ratification and deposit of the BEPS multilateral instrument (MLI) on 29 June, HMRC has published the final list of UK reservations and notifications. The list contains all ‘covered tax agreements’ notified and details of agreements where the UK has opted not to apply certain provisions of the MLI. This replaces the provisional list published in April. Read more in this HMRC guidance.

Consultation: Draft Registration of Overseas Entities Bill
The Department for Business, Energy & Industrial Strategy is seeking views on this draft bill which proposes the introduction of a register of the beneficial owners of overseas legal entities that own land in the UK. The consultation closes on 17 September 2018.

Extension of offshore time limits for Income Tax, Capital Gains Tax and Inheritance Tax
As announced as part of the 2017 Budget measures, HMRC are proposing to extend the tax assessment time limit for non-deliberate offshore non-compliance. Draft legislation was issued on 6 July for consultation. This article summarises the changes.