NEWS

HMRC has launched a new online tool to help companies calculate the balancing charge when they dispose of plant or machinery in relation to which the super-deduction or special-rate first-year allowance has been claimed. In its general guidance on...

HMRC's 27 July 2023 Stakeholder Digest announces that assignments of income tax repayments received on or after 20 July 2023 are no longer being accepted as non-binding nominations. In such cases, HMRC will simply pay the taxpayer directly. This ends...

Tax Journal thanks its authors for July 2023:

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

The House of Commons Treasury Committee has published a new report on the venture capital tax reliefs. The committees key recommendation to government is to give certainty to investors and business start-ups by extending the expiry date for...

In a new report, the Treasury Select Committee concludes that the tax system is too complex and the scrutiny of existing reliefs is inadequate. This has contributed to the abuse of some tax reliefs, and in certain cases, fraud, the committee says.The...

The National Insurance Contributions Act 2022 (Freeports and Investment Zones) (Consequential Amendments) Regulations, SI 2023/812, ensure that relief from secondary NICs is available in 'special tax sites' in relation to employees with protected...

The Relief for Research and Development (Content of Claim Notifications, Additional Information Requirements and Miscellaneous Amendments) Regulations, SI 2023/813, set out the information that must be included in an R&D claim notification, and...

The Transfer Pricing Records Regulations, SI 2023/818, introduce the requirement for in-scope entities to prepare and retain standardised 'master file' and 'local file' transfer pricing records, in line with the record-keeping requirements in the...

HMRC has sought to address the following three points raised in the CIOT paper Uncertainties in relation to structures and buildings allowances on the application of the structures and buildings allowances (SBAs) legislation:Pre-29 October 2018 site...