NEWS

In its stakeholder digest (31 August 2023), HMRC reminds taxpayers of the duty to notify a liability to income tax or capital gains tax for the tax year 2022/23 by 5 October 2023 (i.e. by six months after the end of the tax year). HMRC asks readers...

The Customs (Northern Ireland) (EU Exit) (Amendment) Regulations, SI 2023/958 update the UK customs duty rules for goods which are moved between Great Britain and Northern Ireland, based on a new wider definition of whether goods are at...

In a formal reply to the CIOT’s 3 July 2023 letter which raised various challenges around HMRC’s compliance approach to R&D claims, HMRC has committed to improving the quality of its handling of claims. HMRC understands, however, that half of all...

The SAYE and SIP employee share schemes broadly achieve their objectives, but simplification of the rules and making sure wider groups of employees can access the schemes are the way forward, says the CIOT. The CIOT was responding to the Treasury...

HMRC is consulting until 26 September 2023 on draft regulations which will set out which assets of a company’s long-term insurance business are ‘structural assets’. The broad definition of structural assets for this purpose is set out in FA 2012 s...

The CIOT has responded to the OECD consultation Pillar One: Amount B on simplifying the transfer pricing of baseline marketing and distribution activities in accordance with the arm’s length principle. Key points include:Transactions within the scope...

HMRC collected some 70m in extra tax in the financial year to 31 March 2023 through voluntary disclosures by MNEs via its Profit Diversion Compliance Facility, reports Pinsent Masons. The facility allows businesses to voluntarily disclosure...

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

The European Commission has adopted the rules governing the implementation of the carbon border adjustment mechanism (CBAM) during its transitional phase which starts on 1 October and finishes at the end of 2025. These cover the transitional...

Bermuda is consulting until 8 September 2023 on proposals to introduce a corporate income tax which would apply to Bermuda businesses that are part of MNEs with an annual revenue of 750m. This is the first of a planned series of consultations...