Other news in brief

The 2021 Corporation Tax (CT) statistics, published on 23 September 2021, provide a breakdown of CT receipts (including CT, Bank Levy and Bank Surcharge) for the tax year 1 April 2020 to 31 March 2021 and CT liability estimates for company accounting periods ending between 1 April 2019 and 31 March 2020. Key findings in the 2021 publication include a significant decrease in CT receipts which is mainly attributed to the unwinding of the change in due dates for CT payments and the effect of COVID-19, as well as a slight increase in CT tax liabilities when compared with the previous year. Meanwhile, Annual Investment Allowance (AIA) claims significantly increased in the tax year 2019 to 2020 due to the temporary rise in the AIA threshold.

Simon Shaw, KPMG’s head of indirect tax, provides his thoughts on the new rules on uncertain tax treatments and explores what they mean for large organisations in a recent blog post.

Alice Killingbeck, Director, KPMG Law discusses in a blog post a Jersey Royal Court judgment earlier this year which will be interesting to generators and beneficiaries of private wealth, trustees and custodians of private wealth, and their advisors. It illustrates how the courts can take a more flexible approach to interpreting existing trust law, enabling fiduciaries to work together with families to fulfil the family’s philanthropy objectives.

Read about how a structured approach to transfer pricing can remove the headaches from heads of tax.