NEWS

The Income Tax (Accommodation Allowances of Armed Forces) Regulations, SI 2023/570, provide that payments made by the Ministry of Defence (MoD) to service personnel under the 2022 contribution in lieu of council tax (CILOCT) rebate scheme are exempt...

HMRC has updated its mechanism for calculating the bonus rates for save as you earn (SAYE) scheme contracts. The revised mechanism will apply from 18 August 2023 and is expected to result in a bonus being provided for new contracts entered into from...

HMRC has issued revised advisory fuel rates from 1 June 2023. The rates are to be used only where employers either reimburse employees for business travel in their company cars or require employees to repay the cost of fuel used for private travel....

The CIOT has published its comments on draft regulations which would implement the necessary VAT provisions in relation to drink deposit schemes. The principle here is that a deposit is added to the price of the product, with that deposit returned in...

Vietnam has deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention), which now covers around 1,850 bilateral tax treaties. The...

A new version of the bill has been published, incorporating the amendments agreed in committee. The revised bill will be considered in the House of Commons at report stage, dates for which have yet to be announced. For a large Finance Bill, report...

The Department for Business and Trade has published a call for evidence as part of the UK government’s review of the corporate governance framework in the UK. The consultation will consider the various requirements for companies to include...

HMRC has published two new guidance pages on the economic crime levy, the annual charge on entities supervised under the Money Laundering Regulations, SI 2017/692, and whose UK revenue exceeds £10.2 million per year:Check if you need to register for...

HMRC has updated its guidance on trust registration (Register a trust as a trustee and Register a trust as an agent) to reflect its approach to reports of disproportionate risk of harm. This covers situations where HMRC has the power to share certain...

HMRC’s 25 May 2023 Stakeholder Digest confirms that the help to save scheme has been extended until April 2025. The scheme offers a government 50p bonus for every £1 saved (for savings of up to £50 per month). The digest also highlights the...