NEWS

Draft Alcohol Duty legislation (to be included in a future Finance Bill) is expected to repeal and replace the Alcohol Liquor Duties Act 1979. The draft legislation will change the duty structure for alcoholic products, creating a standardised series...

HMRC’s updated VAT Notice 731 confirms that businesses cannot use the cash accounting scheme for supplies of goods and services that are subject to one of the domestic reverse charges.Business are directed to VAT Notice 735 and, for supplies of...

The OECD is inviting comments on its Progress report on the administration and tax certainty aspects of Amount A of Pillar One. This report includes the rules on the administration of the new taxing right under Pillar One (in essence, how in-scope...

South Africa has deposited its instrument of ratification for the BEPS MLI. The MLI will enter into force on 1 January 2023 for South Africa. In a signing ceremony on 6 October, Mongolia signed up to the MLI. See bit.ly/2Z3ZyrU for the text of the...

The Land Transaction Tax (Tax Bands and Tax Rates) (Wales) (Amendment) Regulations, SI 2022/1027 give effect to the Welsh government’s decision to extend the nil-rate band for LTT to £225,000 and establish a new 6% band for the portion of...

The Northern Ireland Assembly Department of Finance is consulting on recommendations made by the Independent Fiscal Commission for the devolution of fiscal powers.The consultation asks whether the Northern Ireland Executive should be provided with...

HMRC has published a new GAAR Advisory Panel opinion on stamp duty land tax arrangements in relation to the sale and purchase of a residential property involving an alternative finance agreement and a lease agreement.The taxpayers (a married couple)...

HMRC has updated its PAYE for Agents online service guidance to note that only tax agents who already have a PAYE agent reference number will be invited to opt into the Employer Liabilities and Payments service. Agents who do not opt into the service...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.Direct taxesManual Page Comments Bank Levy Manual Updated: BKLM331200, BKLM361000,...

Prime Minister Liz Truss has announced plans to widen the regulatory exemptions for SMEs to businesses with fewer than 500 employees for future and reviewed regulations, and to consult on potentially extending the threshold to businesses with 1,000...