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Money laundering
HMRC have reviewed their guidance on penalties for businesses under money laundering supervision and made amendments to clarify the approach. Amended guidance – to be available shortly – explains the range of actions – from warning letters to criminal prosecution – that the Revenue, as a supervisor, can take when firms breach regulations. Action will depend on the circumstances of the case and the impact and severity of the failings identified.
Money laundering
HMRC have reviewed their guidance on penalties for businesses under money laundering supervision and made amendments to clarify the approach. Amended guidance – to be available shortly – explains the range of actions – from warning letters to criminal prosecution – that the Revenue, as a supervisor, can take when firms breach regulations. Action will depend on the circumstances of the case and the impact and severity of the failings identified.
PAYE
HMRC temporarily suspended the issue of National Insurance numbers in May while investigating why some were being sent out without the final letter (A, B, C or D). The issue has been resolved and the Revenue is issuing the numbers again.
CFC reform
Updated guidance on the new controlled foreign companies rules has been published. It comprises new documents on clearance procedures and the adaptation of the rules for foreign permanent establishment exemption.
Stock exchange
GXG Official List has been designated as a recognised stock exchange.
Toolkits update
HMRC have completed the annual refresh of the toolkits that cover direct taxes. The department expects the toolkits on indirect taxes to be updated by July.
Tax credits
HMRC have published a response document following consultation about the introduction for tax credits of a mandatory consideration of revision before appeal.
SDLT avoidance
The government has tabled an amendment to Finance Bill 2013 to confirm that a stamp duty land tax (SDLT) avoidance scheme, which uses the SDLT transfer of rights rules, is ineffective.
