NEWS

In a new report Reforming inheritance tax, the Institute for Fiscal Studies expects IHT to bring in over £15bn by 2032/33 (at today’s prices), with one in eight people affected by the tax, compared to around 4% of estates falling within scope in...

The UK government has announced that the £87,500 payments to war widow(er)s will be exempt from income tax and NICs. The payments will be available to those who lost entitlement to their war widow’s pension when they remarried or cohabited, under...

HMRC has updated its VAT notice on health professionals and pharmaceutical products. Substantive changes to the notice include:addition of pharmacy technicians in Great Britain to the list of health professionals; andremoval of services directly...

HMRC has updated its guidance to cover steps businesses need to take in the event of a disagreement with a penalty decision on plastic packaging tax. The section ‘if you do not agree with a penalty’ confirms that businesses can either:accept the...

The OECD has published its sixth peer review report on BEPS Action 13, on implementation of the country-by-country (CbC) reporting minimum standard. Findings include:over 110 jurisdictions have already introduced legislation to impose a reporting...

The OECD has published comments received on Amount B under Pillar One. Amount B provides for a simplified and streamlined approach to the application of the arm’s length principle to in-country baseline marketing and distribution activities, with a...

HMRC has announced that, from 2 October 2023, its ten-minute call-answering target on the agent dedicated line (ADL) is to be dropped. This will allow the team to focus on providing a higher quality of service, says HMRC, while noting that ‘waiting...

The government has released guidance for submitting Autumn Statement 2023 representations to the Treasury that is scheduled for 22 November. Written representations can now be submitted for comment on government policy or suggest new policies to...

HMRC has issued revised guidance on suggested actions deposit holders should take ahead of the closure of the certificate of tax deposit (CTD) scheme on 23 November 2023 (the scheme closed on 23 November 2017 for the purchase of new certificates, but...

Key points to note from HMRCs latest Agent Update include the following:How to reduce self-assessment repayment delays: tips include not submitting voluntary returns, but instead registering the client for self-assessment and waiting for the...