NEWS

In a new report, Tax Policy Associates (TPA) has found that between 2018 and 2022, HMRC issued almost 660,000 late-filing penalties to low-income individuals. Figures for 2020/21 show that 184,000 100 fixed late-filing penalties were given to...

The Taxation of Chargeable Gains (Gilt-edged Securities) Order, SI 2023/710, adds seven securities to the list of gilt-edged securities which are exempt from capital gains tax (and corporation tax on capital gains) under TCGA 1992 s 115. ...

Rules of origin reference documents, which set out the rules of origin for various trade agreements between the UK and other countries, have continued to be added to HMRC’s collection. For example, origin reference documents have been added in June...

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

HMRC has substantially rewritten its Code of Practice 9 (COP 9), under which its Fraud Investigation Service deals with suspected cases of tax evasion, fraud or dishonesty, using its civil investigation powers. The point of COP 9 is that it gives...

The House of Commons third reading and report stage for the Finance (No. 2) Bill 2023 were completed on 20 June....

The European Commission has announced further proposals for EU own resources, which includes a temporary statistical own resource based on company profits. This will not be a tax on companies, but a national contribution paid by member...

In a new report, the cross-party House of Commons Treasury Committee has again questioned the government’s decision to abolish the Office of Tax Simplification. Concluding that the UK tax system is overcomplicated, creating ‘compliance burdens,...

As part of the proposed reforms announced on Tax Administration and Maintenance Day 2023, the UK government is now consulting on potential changes to the UK legislation on transfer pricing, permanent establishments and diverted profits tax.Transfer...

HMRC’s bulletin rounds up a wide range of general guidance and deadline reminders for employers, including:Reporting of expenses and benefits: HMRC emphasises the importance of recording diesel company cars correctly, to ensure that cars subject to...