The Government has launched a new consultation on tackling non-compliance in the umbrella company market and a new Call for Evidence has been opened on certain share schemes. More details on each are provided below. In addition, a new consultation on how to reform transfer pricing, permanent establishments and Diverted Profits Tax legislation has also been opened.
Share schemes
As announced at the Spring Budget, a Call for Evidence on the Save As You Earn and Share Incentive Plan shares schemes has been launched which seeks to improve these schemes, and expand their use, by making it easier for businesses to set them up and offer them to employees. This Call for Evidence will close on 25 August 2023.
Umbrella company market
A consultation, Tackling non-compliance in the umbrella company market, has been opened examining policy options to regulate umbrella companies and tackle non-compliance in the umbrella company market.
This consultation will close on 29 August 2023 and follows on from the Governments Call for Evidence: umbrella company market which aimed to ensure that the Government has an up-to-date and well-informed view of how the umbrella company market operates. The Government has published a summary of responses to this consultation which was used to inform the newly launched consultation in this area.
Transfer pricing, permanent establishments and the diverted profits tax
This consultation closes on 14 August 2023; HMRC is seeking views on proposals to reform the following UK laws:
- transfer pricing: pricing transactions between related parties;
- permanent establishment: basis for taxing UK activities of non-UK resident companies; and
- the diverted profits tax: anti-avoidance measure for countering arrangements designed to divert profits from the UK.
The overall aim is to clarify and modernise the legislation, and ensure it achieves its objectives, while developing simpler legislation that is easier to understand and supports growth by improving tax certainty.
HMRC is holding a number of consultation events on the following dates (note the date by which registration for each closes):
- 30 June (registration closes 26 June);
- 6 July (registration closes 29 June); and
- 10 July (registration closes 29 June).
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