NEWS

R&D tax credits claims by businesses fell by £275m in 2020/21, the first time claims have fallen since the R&D tax credits schemes began in 2000. Highlighting the figures, UHY Hacker Young says that the drop has been caused ‘by HMRC becoming stricter...

In a letter to the new financial secretary to the Treasury, Victoria Atkins MP, the CIOT president Susan Ball has repeated its request that the government to consider three pressing issues around the administration of the tax system which also...

HMRC is issuing discovery assessments in relation to people who it believes should have submitted a 2018/19 tax return containing the loan charge and who either did not include it, or did not include it fully.Examples of the letters that HMRC is...

The value of business tax reliefs in the UK reached 105.3bn in 2021/22, up from 100.3bn in 2020/21, according to Thomson Reuters. The 105.3bn figure represents the combined cost estimated by HMRC for the 58 significant tax...

The following two sets of regulations make provision in relation to insurance companies which will be reporting under IFRS 17:The Finance Act 2022, Part 2 of Schedule 5 (Insurance Contracts: Change in Accounting Standards) (Commencement and Savings...

The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations, SI 2022/1157, extend by 12 months, transitional arrangements which ensure Gibraltar-based financial services firms are able to provide services in the UK and UK-based firms are...

The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No 3) Regulations, SI 2022/1183, update the list of high-risk third countries in Sch 3ZA to the Money Laundering, Terrorist Financing and Transfer of Funds (Information...

The CIOT has responded to the OECD’s consultation on the Progress report on the administration and tax certainty aspects of Amount A of Pillar One.Noting that the rules for both pillars will be extremely complex, creating a substantial compliance...

Twenty-eight countries and jurisdictions, including the UK,  have signed the OECD multilateral competent authority agreement (MCAA) for the automatic exchange of information under the OECD Model rules for reporting by digital platforms. The agreement...

HMRC has updated its guidance Use Alternative Dispute Resolution to settle a tax dispute to confirm that ADR can no longer be used for forfeiture and civil evasion penalties. The section What ADR can be used for has been revised accordingly....