NEWS

Recent developments in tax.

In response to HMRC’s consultation on a potential single R&D tax relief scheme the CIOT notes that, although a single scheme based on RDEC would be a simplification, it would ‘not necessarily be simple or fair for all smaller companies’ – and would...

The Social Security (Contributions) (Amendment No 3) Regulations, SI 2023/309, formally extend the deadline for the payment of voluntary class 2 and class 3 NICs relating to 2006/07 onwards, from 5 April 2023 to 31 July 2023.Payments made up to the...

The Social Security (Contributions) (Re-rating) Consequential Amendment Regulations, SI 2023/330, increase the special rate of class 2 NICs for share fishermen from £3.80 to £4.10 per week, with effect from 6 April 2023. The special rate is higher...

HMRC has updated its guidance entitled Rates and allowances: beneficial loan arrangements for the average official rates for tax years as below:2019 to 2020: 2.50%;2020 to 2021: 2.25%;2021 to 2022: 2%; and2022 to 2023: 2%.The average rates are used...

HMRC’s Pensions Schemes Newsletter 148 provides a useful summary of the pensions tax changes proposed in the Spring 2023 Budget, including:lifetime allowance tax charge removed from 6 April 2023 (although the LTA will remain on the statute book until...

Mexico has deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (Multilateral Instrument), which now covers around 1,850 bilateral tax treaties....

Revenue Scotland has confirmed that, from 19 March 2023, the 12-month ‘authority to act’ limit for all future tax returns will no longer apply. This means that tax agents will remain authorised to act on behalf of their clients unless and until...

House of Lords Report Stage for the Retained EU Law (Revocation and Reform) Bill has been scheduled for 19 April 2023. A revised version of the Bill (as amended at Lords Committee Stage) has been published. The ‘sunset’ clauses, which would...

Various additional amendments to the Economic Crime and Corporate Transparency Bill have been put forward for consideration at Lords Committee Stage, including a number of new clauses to introduce ‘failure to prevent’ offences. The latest amendments...