NEWS

Since the introduction of plastic packaging tax in April 2022, the amount of packaging produced or imported into the UK containing recycled plastic increased from 31% to 44% in the first six months, reports Pinsent Masons, suggesting that the new tax...

The European Commission has adopted a package of initiatives Business in Europe: Framework for Income Taxation which it says will ‘reduce tax compliance costs for large, cross-border businesses in the EU’. The proposals will replace the Commission’s...

The European Commission has presented a series of initiatives to address the needs of Europe's SMEs in the current economic environment. This includes a Directive establishing a head office tax system for SMEs, which is intended to will...

The OECD General-Secretary’s latest tax report to the G20 outlines recent progress on the two-pillar solution, including the ‘Outcome Statement’ from the July 2023 meeting of Inclusive Framework members.The report summarises the multilateral...

Papua New Guinea has deposited its instruments of ratification for both the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Multilateral Instrument, or MLI) and the Multilateral...

HMRC has been using its powers to correct company tax returns under FA 1998 Sch 18 para 16 to remove claims for R&D tax relief where it considers, based on information available, those claims to be incorrect, reports the CIOT. Tom Wallace, director...

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

The chancellor will present the Autumn Statement 2023 to Parliament on Wednesday 22 November 2023, the Treasury has announced. The statement will be accompanied by the usual Office for Budget Responsibility forecasts. The government appears to have...

In an update to its Standard for Agents, HMRC has confirmed its policy on the treatment of assignments of income tax repayments to agents. Although F(No.2)A 2023 s 333 made the right to receive a repayment of income tax inalienable...

In its stakeholder digest (31 August 2023), HMRC reminds taxpayers of the duty to notify a liability to income tax or capital gains tax for the tax year 2022/23 by 5 October 2023 (i.e. by six months after the end of the tax year). HMRC asks readers...