HM Treasury and HMRC have announced a 3 month extension to the deadlines for a series of tax policy consultations and other work in the light of the current COVID-19 crisis. The update, which can be found here, details the rationale for the delay and consultations affected.
These include the following :
- Preventing abuse of the R&D tax relief for SMEs: second consultation – now closing on 28 August 2020
- Notification of uncertain tax treatment by large businesses – now closing on 27 August 2020
- Call for evidence: raising standards in the tax market – now closing on 28 August 2020
- Consultation on the taxation impacts arising from the withdrawal of LIBOR – now closing on 28 August 2020
- Hybrid and other mismatches – now closing on 29 August 2020
- Tax treatment of asset holding companies in alternative fund structures – now closing on 19 August 2020
AREF Tax Committee will continue discussions on relevant consultations including the consultation on the Tax treatment of Asset Holding Companies which is of interest particularly to the real estate sector.
The delay of the Notification of uncertain tax treatment by large businesses is particularly welcome as this had been part of a number of specific policy asks that the Investment Association submitted to HMT and HMRC in March.
These extensions will allow stakeholders more time to offer their views and increase engagement with industry partners who may currently be struggling for key technical resource needed to respond to these policy consultations.
As part of the release the UK Government have been clear that despite the extensions due to COVID-19, they remain committed to all planned reforms previously announced.
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