NEWS

HMRC has published regulations to legislate the definition of ‘designated cryptoassets’ and include them in the list of investment transactions which qualify for the investment manager exemption. The Investment Manager (Investment Transactions)...

The number of new non-domiciled (non-dom) taxpayers in the UK has dropped 40% in 2020/21 from 14,200 to 8,500, according to analysis by law firm Pinsent Masons.Sophie Warren, tax investigations expert at Pinsent Masons, said that while part of the...

HMRC has published multiple guidance notes on the 1 January 2023 changes to VAT penalties and interest charges. For VAT accounting periods starting on or after 1 January 2023 new penalties apply for VAT returns that are submitted late and VAT which...

Tax Journal understands that, following a consultation with members of the Land & Property Liaison Group, HMRC has decided to proceed with changes to the administrative process for option to tax notifications. It is understood that HMRC had been...

The Treasury has announced that any changes to alcohol duty rates will be put on hold until 1 August 2023.New duty rates usually come in on 1 February each year but the duty rates decision will be held until the chancellor delivers his Spring Budget...

The OECD is seeking comments on the provisions to be included in Articles 37 (removal of existing DST measures) and Article 38 (Provision eliminating Amount A allocations for parties imposing DSTs and relevant similar measures) of the draft...

The OECD is seeking comments on compliance and coordination aspects of the Pillar Two global minimum tax. Two documents have been published for consultation:GloBE information return: seeking input on the amount and type of information that MNE groups...

The Register of Overseas Entities (Verification and Provision of Information) (Amendment) Regulations, SI 2022/1389, exclude certain bodies from, and update various other rules in relation to, the requirement to verify information before it can be...

The Inter-American Investment Corporation (Immunities and Privileges) Order, SI 2022/1344, grants various immunities and privileges, including various exemptions from UK taxation, to the Inter-American Investment Corporation its officers and...

Negotiators of the Council and the European Parliament have reached an agreement of a provisional and conditional nature on the carbon border adjustment mechanism (CBAM). The agreement needs to be confirmed by EU member states, and by the European...