NEWS

HMRC has published new guidance on how to deregister for plastic packaging tax (PPT). This will be important for businesses which are no longer liable to be registered and are therefore required to apply to HMRC to deregister. The guidance notes that...

HMRC has updated the following guidance notes which set out the basic requirements for registration of trusts:Register a trust as an agent: guidance for agents who need to register a client’s trust with HMRC; andRegister a trust as a trustee:...

HMRC is consulting on proposals to formalise and extend the concession which removes trusts and estates from income tax where their only source of income is savings interest and the tax liability is below £100. Under the proposed change, trusts and...

The Registered Pension Schemes (Authorised Member Payments) Regulations, SI 2022/723, provide that transfers of dormant assets from registered pension schemes to the reclaim fund (so those assets can be used for good causes) are authorised member...

The ICAEW Tax Faculty has highlighted revised guidance in HMRC’s COTAX Manual (at COM130010) which clarifies the accounts requirements for non-resident companies with UK rental profits (but no UK permanent establishment).HMRC’s updated guidance makes...

In its response to the Treasury consultation Potential reforms to UK’s capital allowance regime the ATT focuses on how the capital allowances rules could better serve smaller businesses and provide greater incentive for investment:The ATT urges the...

HMRC has launched a consultation on potential options for reform of the tax treatment of cryptoasset loans and staking in the context of decentralised finance (De Fi). DeFi lending and staking encompasses a range of activities that...

HMRC is consulting on draft notices which set out further information requirements for businesses/taxpayers under the making tax digital (MTD) for income tax regime from April 2024. The notices will have the force of law under the principal...

In a new consultation, the UK government proposes to codify and narrow the tax exemption for foreign sovereign persons, limiting exemption to investment income only and potentially bringing income from other activities within the scope of UK...

Tax Journal thanks its authors for June. Click on links below to view author profiles and for links to articles.