NEWS

The CIOT has issued a memorandum addressing some of the technical issues that would arise on the adoption of proposed changes to the domicile rules for IHT purposes from 6 April 2025.The CIOT would support a change to a residence-based test from a...

As reported earlier this year (Tax Journal, 3 May 2024), some voluntary payments of Class 2 NICs were credited to individual NICs records late, resulting in those individuals being treated as though their contributions had been paid late and...

Tolley (publisher of Tax Journal) has published a new report How generative AI is transforming tax practice revealing that 66% of the 446 UK tax professionals surveyed are either already using or plan to use AI for work purposes. Key to the take up...

The CIOT has published several additional general election ‘explainers’. The list now covers the following:tax and the state pension (31 May);tax avoidance and the tax gap (7 June, updated 11 June);National Insurance (10 June, updated 11...

Together with the Accountancy AML Supervisors’ Group (AASG), the CIOT has proposed several points which could increase the effectiveness of the UK’s anti-money laundering regime:Supervision requirement: the UK Money Laundering Regulations (the Money...

27% of high net worth individuals say they would vote Labour in the general election, according to recent research from Saltus, the UK wealth management firm. Even parents who say they will have to take their children out of private school if Labour...

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

LabourLabourparty proposals on tax had mostly been pre-announced, with commitments not to raise NICs or the basic, higher or additional rates of income tax or VAT. On corporation tax, Labour pledges to cap themain rate at 25% for the...

The CIOT has writtento HMRC on the extension of the loans to participators tax charge in situations where the loan is made to a third party and then passed on to the participator (CTA 2010 s 459). Although aimed at avoidance arrangements, the...

The Labour Party will not reintroduce the pensions lifetime allowance if it wins the general election, reports BBC News. Rachel Reeves had previously suggested that the LTA would be brought back, with certain exceptions for some key workers (NHS...