NEWS

HMRC has issued new draft guidance on the multinational and domestic top-up taxes (introduced in Finance (No 2) Bill 2023 Parts 3 and 4). This initial draft includes the following three chapters, which are expected eventually to be included a new...

The OECD Forum on Tax Administration (FTA) has launched a new peer-to-peer network to help support developing countries in their implementation of Pillars One and Two. The FTA Pillar Knowledge Sharing Network held its first virtual meeting on 13 June...

HMRC is in the process of contacting UK residents whose details were included in the files of 14 offshore financial service providers which specialise in the use of structures in low or zero-tax jurisdictions. This is part of HMRC’s action in...

HMRC’s specialist teams bring in more additional tax revenue from investigating wealthy taxpayers in the North than from any other area of the UK, reports Pinsent Masons.In 2021/22, HMRC’s ‘Wealthy North’ team collected £138m in compliance revenue,...

50,000 unresolved tax cases were waiting to progress through the First-tier Tribunal as at the end of March 2023, Ministry of Justice figures confirm – double the number outstanding at the end of 2020/21. The FTT saw a surge in cases across 2022 and...

HMRC’s latest Update highlights the advantages of filing income tax returns early, the latest expectation on the overlap relief online form, and interactive guidance for self-employed taxpayers working overseas:Filing 2022/23 tax returns early:...

HMRC has added a practical concession to its Standard for Agents to allow repayments to be made to agents after 15 March 2023, but on the basis of nominations rather than assignments. This means that HMRC will be able to make repayments of income tax...

Thompson Reuters reports that HMRC issued over 30,000 penalties for inaccuracies in tax returns in 2021/22, with some 18,500 penalties for careless errors, over 10,500 for deliberate but not concealed errors, and over 1,000 penalties for the most...

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

The chancellor has put forward various amendments to the Finance Bill before Parliament, including two new clauses, which will be considered in the House of Commons at report stage on 19 June 2023. Amendments include:Domestic top-up tax: proposed new...