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New guidance
HMRC has published new guidance for UK real estate investment trusts. It replaces the draft guidance that has been available since November 2006.
Also recently published is guidance relating to the disclosure of National Insurance avoidance schemes.
www.hmrc.gov.uk
Money laundering
New guidance for business on countering money laundering and the financing of terrorism will be published by HMRC in December 2007, when the Money Laundering Regulations 2007 come into force. The draft of Public Notice MLR8 relating to these regulations is nearly complete. Before it is finalised and submitted for approval by the Treasury, HMRC would welcome feedback from businesses. Comments should be e-mailed to mlr@hmrc.gov.uk by 31 May 2007.
www.hmrc.gov.uk
Finance Bill published
The Finance Bill and explanatory notes were published on 29 March 2007. The Bill contains 113 clauses and 27 Schedules, running to 305 pages, while there are two volumes of explanatory notes comprising over 500 pages. Lobby notes were published at the same time. The Bill and explanatory notes can be obtained from Stationery Office bookshops or can be downloaded from the Treasury website (www.hm-treasury.gov.uk).
In addition, draft regulations in respect of the mandatory electronic filing of PAYE returns were published and regulatory impact assessments published for:
- managed service companies;
- ensuring compliance with the tax avoidance disclosure regime;
- HMRC and the taxpayer: modernising powers, deterrents and safeguards: penalties for incorrect returns;
- criminal investigation powers;
- the new remote gaming duty.
HM Treasury press release 29 March 2007
