NEWS

The OECD/G20 Inclusive Framework on BEPS has concluded negotiations on a new multilateral instrument that will protect the right of developing countries to ensure multinational enterprises pay a minimum level of tax on a broad range of cross-border...

The ‘Legislation Day’ July 2023 draft legislation setting out the multinational top-up tax undertaxed profits rules has been amended to include safe harbours and other features of the OECD’s latest administrative guidance. The main amendments to the...

HMRC has published a new toolkit, Assurance of Remittances of Foreign Income and Gains Toolkit, to help agents decide whether remittance-basis clients have remitted taxable income to the UK. HMRC says that ‘the toolkit is not technical guidance about...

Eswatini has signed up to the BEPS Multilateral Instrument, bringing the number of jurisdictions which have ratified, accepted or approved the Convention to 101.Armenia and Côte d'Ivoire have deposited their instruments of ratification for the BEPS...

Noting that many of the recommendations from its 2021 submission have been included in HMRC’s recent consultation: Taxation of Employee Ownership Trusts and Employee Benefit Trusts, the CIOT makes a number of further points:EOTs:preventing former...

The senior president of tribunals has issued a new practice direction for the electronic filing of documents for proceedings before the Tax and Chancery Chamber of the Upper Tribunal which begin on or after 2 November 2023.Where a party to...

Tax investigations into UK football clubs have brought in some £125m of tax in the year to 31 March 2023, up from £59m in the previous year, reports UHY Hacker Young. According to the firm, HMRC has been looking particularly at NICs on agents’ fees,...

Tax Journal thanks its authors for September 2023. Click on links below to view author profiles.

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

In a new report Reforming inheritance tax, the Institute for Fiscal Studies expects IHT to bring in over £15bn by 2032/33 (at today’s prices), with one in eight people affected by the tax, compared to around 4% of estates falling within scope in...