News story: Automatic Exchange of Information (AEOI) deadline fast approaching for Financial Institutions

The deadline for submitting Automatic Exchange of Information (AEOI) returns for the year ended 31 December 2016 is 31 May 2017.

Returns should include reportable accounts for the Financial Accounts Tax Compliance Act (FATCA), Crown Dependencies and Overseas Territories (CDOT) and the first year for Common Reporting Standards (CRS).

Financial institutions are advised to check whether they need to register and submit an AEOI return, and if so make the submission in advance of the 31 May deadline.

More information on the requirement to register and submit can be found in our AEOI guidance.

Returns submitted after the deadline, or the filing of an incorrect return, may result in penalties being charged.

If you have any queries please contact your HMRC Customer Coordinator/Customer Relationship Manager, or email your query to enquiries.aeoi@hmrc.gsi.gov.uk.

News story: Car parts merger referred for in-depth investigation

Euro Car Parts’ acquisition of another car parts supplier, Andrew Page, has been referred for an in-depth merger investigation.

Earlier this month, the Competition and Markets Authority (CMA) said that it would refer the deal for an in-depth investigation unless Euro Car Parts offered acceptable ways of addressing competition concerns.

Euro Car Parts has chosen not to offer these and so the merger will now be referred for an in-depth investigation by an independent group of CMA panel members (known as phase 2). The deadline for the final decision is 5 November 2017.

Both companies supply car parts to independent garages across the UK, and the CMA found that they compete closely with each other. Therefore, the CMA is concerned that the merger could substantially reduce competition in a number of local areas, as well as for some large customers that purchase car parts on a national basis. Customers could lose out if their suppliers are no longer competing with each other to offer the best deal.

The phase 2 investigation group will take a fresh look at the merger before coming to its decision.

Further information about the investigation is available on the case page.

Press release: April 2017 Transaction Data

The Transaction Data shows HM Land Registry completed 1,386,147 applications from its customers in April. This included 1,363,340 applications by account holders, of which:

Transaction Data is published on the 15th working day of each month. The May Transaction Data will be published at 11am on Wednesday 21 June 2017 at HM Land Registry Monthly Property Transaction Data.

The monthly Transaction Data shows how many applications for first registrations, leases, transfers of part, dealings, official copies and searches lodged by HM Land Registry account customers were completed. For an explanation of the terms used, see abbreviations used in the transaction data.

Transactions for value include freehold and leasehold sales.

Most searches carried out by a solicitor or conveyancer are to protect the purchase and/or mortgage. For example, a search will give the buyer priority for an application to HM Land Registry to register the purchase of the property.

As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Business, Energy and Industrial Strategy, HM Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been open to public inspection since 1990.

With the largest transactional database of its kind detailing more than 24 million titles, HM Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.

For further information about HM Land Registry visit www.gov.uk/land-registry.

Press release: Joint Statement on the recent violence around Brak Al-Shatti airbase

Joint Statement by the Ambassadors to Libya of the People’s Republic of China, France, the Russian Federation, the United Kingdom of Great Britain and Northern Ireland, and the United States of America on the recent violence around Brak Al-Shatti airbase

In light of recent violence around Brak Al-Shatti airbase in Libya’s south which again risks escalating into renewed conflict, Taking note of relevant UN Security Council resolutions(UNSCRs), including UNSCRs 2213, 2259 and 2278, and our statement of 11 April 2017 concerning violence around Tamanhint airbase, Reiterating our determination to support the Libyan Political Agreement (LPA) in order to alleviate the suffering of the Libyan people,

We condemn any efforts to change the situation on the ground in Libya by force, which only undermines recent political dialogue and prolongs the suffering of the Libyan people. We are concerned by reports of summary executions of combatants and civilians.

Perpetrators of such criminal acts must be brought to justice. We urge all parties to exercise restraint and refrain from further escalation.

Press release: Foreign Secretary congratulates President Rouhani on his re-election

Responding to Iran’s announcement that Hassan Rouhani had been elected for a second term, the Foreign Secretary said:‪

I congratulate President Rouhani on his re-election, after a lively campaign in which the Iranian people participated in large numbers.

During President Rouhani’s first term we made good progress on improving UK-Iran relations, including an upgrade in diplomatic relations, and I welcome his continued commitment to the nuclear deal Iran signed up to in 2015. It is important that we now work together to ensure this deal is fully implemented, and its benefits continue to be felt by all parties.

I encourage President Rouhani to continue Iran’s engagement with the international community and look forward to continued dialogue and progress on a range of issues, including Iran’s regional policies, human rights and matters of bilateral concern, in particular our dual national consular cases.