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FCA consultation on delaying the implementation of the European Single Electronic Format (ESEF)

UKSA and ShareSoc Policy Directors tell FCA they should not delay the implementation of ESEF

The planned introduction of the ESEF from 1st January 2020 and the enablement of machine-reading of financial reports, along with the greater transparency that this should provide, recognises the growth of and direction towards more electronic or digital financial reporting. The UKSA and ShareSoc response to the FCA on 13th August 2020 was not convinced by but had some sympathy with the arguments to delay the implementation and, as a result, said it did not agree with it.

Capital gains tax and stamp duty

Capital Gains Tax and Stamp Duty

The Office of Tax Simplification (OTS) has recently been consulting on Capital Gains Tax and Stamp Duty. UKSA and ShareSoc have submitted joint responses to each of these consultations.

  1. Capital Gains Tax (CGT)

Our view is that CGT:

Response to the IASB’s consultation on ED General Presentation and Disclosures

UKSA and ShareSoc have responded to the IASB’s consultation on “ED General Presentation and Disclosures”, part of their Primary Financial Statements project and focusing on proposed changes to mainly the statement of profit or loss, leaving statements of cash flows and balance sheets to later stages. This consultation is important to shareholders as users of financial statements and especially of the statements of profit or loss to understand an organisation's main business activities and financial performance.

Unilever facing potential exit tax in the Netherlands

The Financial Times and other outlets are reporting that Unilever could have to reverse its decision to relocate from Rotterdam to the UK if a political intitiative calling for the introduction of an exit tax in the Netherlands succeds. 

Dubbed the “Hotel California” tax law, it would make Unilever liable for an €11bn exit penalty if it proceeds with its plan to establish a single legal entity in the UK.

The legality of the proposal is now awaiting legal opinion.

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