NEWS

HMRC has made substantial changes to the guidance in its Corporate Finance Manual on the loan relationships unallowable purpose test. The updated guidance (at CFM38100–CFM38200) not only provides a more detailed summary of the rules but also reflects...

Following changes to the tonnage tax regime made by FA 2022 s 25 with effect from 1 April 2022, the Treasury is giving existing shipping companies and groups an opportunity to opt into the revised regime for an 18-month period. The Tonnage Tax...

As announced at Spring Budget 2023, the investment and lending limits for community development finance institutions (CDFIs) are to be extended for the purposes of community investment tax relief (CITR). The Community Investment Tax Relief (Amendment...

The CIOT and ATT have raised a number of key points in their joint submission to the Treasury’s consultation on proposals for a new UK regulatory framework for cryptoassets. Although HMRC guidance is helpful, it does not cover the whole range of...

HMRC is consulting on the Draft Plastic Packaging Tax (General) (Amendment) Regulations 2023. The regulations are expected to come into force on 1 July 2023 and will require PPT returns to include the total value of PPT tax credits claimed in...

On 10 May 2023, the government put forward amendments 4 to 10 to the Bill, all of which were expected to be passed by the Public Bill Committee. Those amendments cover the following:Amendment 4 to Sch 2 (Estates in administration and trust):...

The UK government has published its response to the Public Accounts Committees 8 March 2023 report on Covid-19 employment support schemes. The reply, set out in Treasury Minutes on 15 May, agrees with the following of the Committees...

One of the more controversial elements of the government’s Retained EU Law (Revocation and Reform) Bill was the clause which would automatically remove any remaining retained EU law (REUL) at the end of 2023, unless otherwise preserved by secondary...

HMRC has updated its Standard for Agents to reflect recent changes to the treatment of tax repayments. Section 2.3.3 ‘interaction with clients’ has been revised to bring it into line with the announcement at Spring Budget 2023 that assignments by...

HMRC has updated its tool for checking when to expect a reply from HMRC, to include a new category for questions or requests relating to employer PAYE and NICs. The tool already allows agents to check timelines for registering to use HMRC’s online...