NEWS

HMRC has published a briefing document outlining measures that were put in place to minimise the risk of error and fraud in relation to the UK government’s covid-19 support schemes. The document also sets out HMRC’s subsequent work to address...

In a reply to a joint letter from the professional bodies which took the unusual step of openly criticising HMRC’s service levels, HMRC has reported steady progress on performance metrics over the last year. The complaint letter had called for three...

Deloitte’s CFO Survey for Q2 of 2022 suggests that chief financial officers of the UK’s largest companies see an increased risk of the UK going into recession in the next 12 months. Recent increases in interest rates have tightened credit conditions,...

Commenting on the expected £20bn UK government debt interest payments for June, the Institute for Fiscal Studies (IFS) sounds a note of caution. Although this represents a big jump in the UK’s debt interest bill, various underlying factors contribute...

The Climate Change Committee (CCC) has recommended a review of the tax system to support the net zero transition.The report acknowledges the need to introduce some form of road pricing to replace the fuel duty receipts that will gradually...

HMRC has published the synthesised text of the UK’s double tax convention with Chile as modified by the Multilateral Instrument. The revised version applies for taxes withheld at source in both countries from 1 January 2022, and for UK corporation...

The Customs (Tariff and Reliefs) (Amendment) Regulations, SI 2022/780, will allow the use of a single commodity code when making a written or electronic customs declaration to claim transfer of residence (ToR) relief. Individuals can claim ToR relief...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors. Direct taxesManual Page Comments Banking Manual Updated: BKM207100, BKM207350,...

As this week’s edition went to press, the eight surviving Conservative Party leadership candidates continued to focus on tax and spending priorities, with former chancellor, Rishi Sunak, seemingly alone in ruling out tax cuts until public finances...

Responding to the consultation on proposed capital allowances reforms, the CIOT urges the UK government to prioritise stability and consistency, and to develop clear policy aims around the types of investment it seeks to incentivise.Key points...