NEWS

Finance Act 2023 received royal assent on 10 January 2023. Having been introduced in the 2022 calendar year, the Act was to have been called Finance (No. 2) Act 2022, as the second Finance Act of the Parliamentary session. The short title (section...

The higher and top rates of income tax will be increased and the top-rate threshold reduced, from April 2023. The land and buildings transaction tax additional dwelling supplement increases to 6% from 16 December 2022. John Swinney, Deputy First...

The Welsh rate of income tax will remain unchanged. Landfill disposals tax rates will increase in line with the rest of the UK. No revisions are proposed to land transaction tax following the October 2022 changes.The Welsh government has published...

The Stamp Duty Land Tax (Reduction) Bill was due to complete all remaining stages in the House of Commons on Tuesday 10 January 2023.The following key government amendments were expected to be passed on 10 January:putting the SDLT threshold changes...

HMRC has published its updated list of yearly average and spot foreign exchange rates for the year to 31 December 2022....

The Subsidy Control Act 2022 (Commencement) Regulations, SI 2022/1359, brought the substantive parts of the Act into force (to the extent to which it was not already in force) on 4 January 2023. Broadly, the only provisions which had already been...

HMRC has taken on board a number of points proposed in response to the basis reform consultation, including on the use of provisional figures, and providing overlap relief figures:HMRC is to take forward the option that would allow businesses to...

HMRC has published a new addition to its anti-avoidance spotlight series, covering avoidance schemes that use remuneration trusts to reduce profits and disguise income. Spotlight 61 highlights a disguised remuneration scheme defeated by the...

The Proceeds of Crime (Money Laundering) (Threshold Amount) Order, SI 2022/1355, increases the threshold up to which banks and other institutions can conduct transactions as part of operating a customer’s account without falling foul of anti-money...

HMRC’s December 2022 edition highlights the 6 November 2022 NICs rate changes and associated guidance for employers, basis period reform including a reminder that 2023/24 is the year of transition, registration requirements for the register of...