NEWS

The Taxes (Interest Rate) (Amendment) Regulations, SI 2023/216, increase the official rate of interest from 2% to 2.25% per annum, with effect from 6 April 2023. The official rate is used for the purpose of calculating the taxable benefit of...

Following representations from the ATT, HMRC has made paper forms available to download for reporting CGT on UK property disposals where the usual online process cannot be used. Previously, agents and taxpayers would need to phone HMRC to ask for a...

The Social Security (Contributions) (Rates, Limits and Thresholds Amendments and National Insurance Funds Payments) Regulations, SI 2023/236, increase the flat-rate weekly amounts of Class 2 and 3 NICs from 6 April 2023 as follows, and confirm that...

The Tax Credits, Child Benefit and Guardian's Allowance Up-rating Regulations, SI 2023/237, increase the maximum rates of working tax credit as follows:basic element from £2,070 to £2,280;30-hour element from £860 to £950; second adult element and...

HMRC’s latest newsletter provides further guidance on changes resulting from the public service pensions remedy scheme. The section on ‘Accounting for tax returns’ addresses some of the potential implications for the annual allowance and lifetime...

HMRC has confirmed that supplies by local authorities of leisure services can be treated as non-business activities for VAT purposes. Revenue and Customs Brief 3/23: changes to VAT treatment of local authority leisure services confirms the change of...

HMRC has started to issue practical guidance on the apportionment of consideration between supplies where supplies with different liabilities to VAT are included in a single transaction. HMRC had previously consulted on how best to address the...

The Income and Corporation Taxes (Electronic Communications) (Amendment) Regulations, SI 2023/221, widen the scope of HMRC’s powers (under SI 2003/282) to issue information in electronic format. With effect from 6 April 2023, HMRC will be able to...

HMRC has published new guidance setting out how the new economic crime levy will operate, with a reminder that the first returns and payments will be due in 2023 for individuals and organisations within scope of the levy.The economic crime levy is an...

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