NEWS

On 20 July, the Treasury published a raft of legislation in draft which will form the basis of Finance Bill 2023. The Bill itself would usually be expected in the autumn, following a period of consultation on the draft clauses which closes on 14...

HMRC’s Employment Related Securities Bulletin 44 announces that the valuation agreement period for EMI options, which was extended to 120 days from 1 March 2020, will revert to 90 days on 1 December 2022. EMI valuation agreement letters issued by...

The Energy (Oil and Gas) Profits Levy Act 2022 received Royal Assent on Thursday 14 July 2022. Following its introduction on 5 July 2022, the Bill made rapid progress through Parliament, passing key stages as follows:Committee stage: 11 July without...

The Financial Conduct Authority (FCA) has issued the largest fine so far in its targeting of cum-ex trading cases, imposing a £2m penalty on TJM Partnership for failing to ensure it had effective systems and controls to identify and reduce the risk...

The CIOT has broadly welcomed HMRC’s consultation on extending the concession which removes low-income trusts and estates from income tax, but cautions that trusts should be able to elect out of the regime where necessary. Key points...

The UK government is delaying the introduction of its proposed export refund scheme which would allow refunds of VAT for second-hand motor vehicles bought in Great Britain and moved to Northern Ireland or the EU for resale.The scheme had been due to...

HMRC is reminding businesses to submit their PPT return covering the period 1 April to 30 June and pay any tax due by 29 July 2022 and has shared some helpful information on first PPT returns and payments including various updated guidance links....

The Commons Treasury Committee is calling for evidence on the potential risks and opportunities associated with cryptoassets in the UK. The inquiry will also consider the potential impact of distributed ledger technology on financial institutions and...

The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No 2) Regulations, SI 2022/782 set out a new list of high-risk third countries in relation to which enhanced due diligence requirements apply under the principal Money...

HMRC’s recently published annual report and accounts for 2021/22 reveal a number of highlights, including a record £731bn in total tax revenues – up from £609bn for the previous tax year (perhaps unsurprisingly, given the impact of the pandemic), but...