Business and Other Briefings
HM Treasury: The Chancellor of the Exchequer has announced that British businesses and the Government will form a new working group to look at the long-term challenges facing the UK tax system and ensure competitiveness remains at the heart of any future reforms.
In his speech to a Chatham House conference on ‘New Financial Frontiers’ he set out plans for a new working group, to be chaired by Financial Secretary Jane Kennedy with business representatives. The group will discuss ways in which the tax system can provide the long-term certainty that multinational companies need in the face of increased competitiveness and other global challenges facing both business and government.
FSA: The Financial Services Authority (FSA) has published Market Watch 26, which is a general review of the FSA’s strategy to tackle market abuse, in particular insider dealing through credible deterrence, and also contains the market cleanliness statistics for 2006 & 2007.
In light of market rumours that circulated in March 2008, the Market Watch mentions that the FSA will undertake a thematic review of firms’ policies in relation to the dissemination of rumours.
FSA: The Financial Services Authority (FSA) has published an interim report setting out the current thinking on the Retail Distribution Review (RDR) following a six-month consultation with the market. Feedback to the discussion paper, published in June 2007, called for a simpler marketplace, particularly a clear separation between advice and sales.
The interim report, which is not a final policy document, sets out how this might be achieved as well as acknowledging the significant challenges this separation poses. This report is being published now to maintain momentum and will be followed by a full feedback statement in October which will set out in more detail the regulatory implications and timetable for change, once further work has been done.
BERR: Buyers will be able to attract more potential bidders with the start of a free trial, which is intended to draw thousands more small businesses to www.supply2.gov.uk, the national lower-value contracts website. The trial will run between May and July 2008 and applies to new registrations only – See ‘In the News’ section for more information.
HMRC: HM Revenue & Customs (HMRC) is urging employers to file their PAYE end-of-year returns by the 19 May deadline, or they could face a penalty. Employers with 50 or more employees must file their 2007-08 return online only – See ‘In the News’ section for more information.
This Brief gives details of an article: Extension of non - statutory clearance for HM Revenue & Customs (HMRC) business customers