HM Treasury consult on raft of business tax reforms. Responses to these consultations are required by 21st July:
- Soft drinks industry levy: The consultation proposes reducing the sugar content threshold for inclusion in the levy from 5g per 100g to 4g per 100g. The consultation also proposes extension to milk based products. View >
- Landfill tax: The consultation proposes simplification of the levy including transitioning to a single levy rate by 2030 and removal of several exemptions. View >
- Remote gambling: The consultation proposes simplification of existing taxes with introduction of a new single remote gambling duty. View > View >
- VAT Treatment of charitable donations of goods for free distribution: The consultation explores the potential to exempt such donations from payment of VAT. View > British Retail Consortium >
Food Standards Agency granted stronger enforcement powers: From the 1st May the Food Standards Agency, National Crime Unit will have power under the Police and Criminal Evidence Act 1984 to apply for and to execute search warrants. View >
Guidance published on changes to furniture and furnishings flammability regulations: The Office for Product Safety and Standards has published statutory guidance on amendments to the Furniture and Furnishings Fire Safety Regulations from 30th October. The changes include exemptions for most baby and children’s products, removal of the requirement for display labelling for new products and extension of the time limit for bringing proceedings from six to twelve months. View >
Consultations launched on new regulatory regime for crypto assets: HM Treasury has published a draft of forthcoming statutory provisions to create new regulated activities for crypto assets, and an explainer document detailing the intended policy outcomes of these provisions. Responses are required by 23rd May. The Financial Conduct Authority has also issued a consultation on crypto asset trading platforms for which responses are required by 13th June. Under the new rules, crypto exchanges, dealers and agents will be brought into the regulatory perimeter - Crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection, and operational resilience. Publication > News > Press release >