NEWS

HMRC have published a GAAR Advisory Panel opinion dated 29 October 2024, on further arrangements which sought to use the creation and transfer of pension obligations. In this particular set of circumstances, pension benefits were awarded to two...

This edition includes updates on the following: End of year reporting: employers are reminded to prepare for end-of-year reporting, including the final Full Payment Submission (FPS) or Employer Payment Summary (EPS) by 5 April 2025. New online forms...

‘Take the hassle out of your side hustle’, say HMRC, launching their new campaign to provide greater clarity around the tax treatment where individuals have more than one source of trading income. HMRC have also issued a themed press release aimed...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.  

HMRC have said they will reverse their approach on the targeted anti-avoidance rule (TAAR) under the salaried members rules (ITTOIA 2005 ss 863A863G), as announced in February 2024, in which the department said they would apply the TAAR where...

The Designation of Special Tax Sites (East Midlands Investment Zone) Regulations, SI 2025/111, designate special tax sites within, or connected to, the East Midlands Investment Zone, with effect from 26 February 2025. Tax reliefs available in...

The bonus rates for Save As You Earn (SAYE) share option schemes have been reduced with effect from 21 February 2025 following the cut in the Bank of England base rate to 4.5%. ...

The Land Transaction Tax (Modification of Relief for Acquisitions Involving Multiple Dwellings) (Wales) Regulations, SI 2025/119, limit the availability of multiple dwellings relief (MDR) from land transaction tax in certain circumstances where the...

With the cost to HMRC of running the tax system increasing, there is scope for increased efficiency and productivity, according to a National Audit Office (NAO) report. According to the NAO: HMRC’s costs of administering the tax system increased by...

The true cost of tax evasion is likely being vastly underestimated as loopholes in the current system make it all too easy for fraudulent behaviour to go unchecked, according to a Public Accounts Committee (PAC) report published this week. HMRC...