NEWS

FST Victoria Atkins has dismissed recent calls by the Treasury Committee for a ‘comprehensive and systematic’ review of all tax reliefs, saying it would ‘impose significant uncertainty on the tax system, putting revenue at risk and altering business...

UHY Ross Brooke reports that HMRC is prompting large businesses to publish their tax strategies online, rather than face penalties. The requirement to publish a tax strategy applies to businesses with turnover exceeding £200m or balance sheet total...

HMRC collected £392.5bn in tax and NICs during the period from April to September 2023, according to its October 2023 statistics release, some £23.1bn higher than for the same period in 2022. Cash receipts from income tax, CGT and NICs rose by...

Agent Update Issue 113 (18 October 2023) provides the usual roundup of recent news, with the following highlights of note:overlap relief: summary of details required for the online overlap profits request form;assurance of remittances of foreign...

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

Bernie Ecclestone, former Formula 1 racing boss, has pleaded guilty to fraud following an investigation into his tax affairs. HMRC reports that Mr Ecclestone admitted fraud by failing to declare a trust which held assets worth more than £416m.In...

HMRC has updated the Directions it published in August 2023 for the electronic delivery of information relating to the advance notification of, and additional information for, R&D claims. Subject to HMRC approval, new section 2(f) allows claimants to...

Following a gambling white paper setting out plans for reforming the regulation of the gambling sector which proposed the introduction of a statutory levy on gambling operators, the government has now launched a consultation inviting views on key...

The CIOT recently met with HMRC to discuss the issue of remittances of loan monies secured against collateral representing foreign income or gains. HMRC’s published view is that if the full amount of loan monies secured against collateral...

The Inclusive Framework has published the text of a new multilateral convention to co-ordinate the reallocation of taxing rights to market jurisdictions, improve tax certainty, and remove digital service taxes (implementation of Amount A under Pillar...