NEWS

HMRC have issued a reminder that income or gains involving cryptoassets may need to be reported in the self-assessment tax return. The reminder highlights that tax could be due where an individual receives cryptoassets from employment, where they are...

The UK government’s response to the consultation on the VAT treatment of fund management services confirms that the VAT exemption for the management services of funds listed under VATA 1994 Sch 9 Group 5 Items 9 and 10 will remain in place. The...

HMRC have updated their VAT Notice 701/19 (fuel and power) to reflect the standard rating for VAT purposes of supplies of electricity for charging electric vehicles when using charging points situated in public places, regardless of the quantity of...

In revised guidance for businesses which may need to register for and pay plastic packaging tax, HMRC have noted that the increased rate of £217.85 per tonne will apply from 1 April 2024....

HMRC are consulting on a further raft of draft guidance on the multinational top-up tax and domestic top-up tax which were implemented by F(No. 2)A 2023 Parts 3 and 4 from 31 December 2023. The new material updates previous guidance on chargeability,...

The OECD has released further technical guidance on implementation of the global minimum tax under Pillar Two and a statement updating the timeframe for the Multilateral Convention to implement Amount A of Pillar One.The Inclusive Framework’s further...

Bermuda has introduced a 15% corporate income tax to take effect for tax years beginning on or after 1 January 2025 and will apply to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750m or more....

The UK government is consulting on how to improve the transparency of land ownership when trusts are involved in the ownership structure. This is a new consultation, seeking views on ways to widen access to trust information held on the Register of...

In its draft Budget, presented on 19 December 2023, the Welsh government announced that for 2024/25 it intends to maintain the 10% Welsh rate of income tax (retaining parity with England). For the devolved taxes, landfill disposals tax in Wales will...

The value of tax penalties reached £851m in 2022/23, up from £681m in 2021/22 according to accountancy group UHY Hacker Young. The firm suggests that penalties are seen as something of an ‘easy win’ for HMRC, given the high levels of outstanding tax...