Following the reduction in the bank base rate to 2.5%, the interest charged on tax paid late has fallen from 3.0% to 2.75%. The reduction applies to all unpaid tax and duties, with the exception of interest on quarterly instalments of corporation tax, which is charged at 1.25%.

Source: ICAEW: New rate of interest on late paid tax (23 August 2013).

Kuwait has become the 84th jurisdiction to sign the Multilateral Competent Authority Agreement (MCAA), the international framework agreement that provides the basis for the automatic exchange of financial account information between jurisdictions. Kuwait will commence exchanges from 2018.

Source: OECD: Kuwait takes key steps towards improving tax transparency (19 August 2016).

A group of leading charity representative bodies have written to the Treasury seeking an assurance that the European Social Fund and Horizon 2020 funding will be continued until 2020. The letter follows an announcement by the Treasury on 13 August that all structural and investment funds signed before the Autumn Statement would be guaranteed by the government after the UK's departure from the EU.

Source: Charities ask Treasury for clarity on EU funding for the sector, civilsociety.co.uk, 22 August 2016.

The Treasury is inviting charities to apply for funding generated from fines levied on the banking industry for manipulating the libor rate. Projects and organisations that fall within the scope of military and emergency services charities are eligible to receive the libor funding, and completed applications must be submitted by 15 September 2016.

Source: Treasury invites charities to apply for Libor funding, civilsociety.co.uk, 24 August 2016