NEWS

HMRC has raised both the late payment and repayment interest rates, following the Bank of England’s decision to increase the bank base rate to 3%. For most taxes and payments, the late-payment interest rate will be 5.5% and the repayment rate 2%,...

The Law Society has suggested that the Retained EU Law (Revocation and Reform) Bill could damage legal certainty in the UK, noting that the sunset clause in the Bill would see various laws expire on 31 December 2023 unless ministers choose to retain...

The OECD has published a report, Pricing Greenhouse Gas Emissions: Turning climate targets into climate action, that measures the extent to which countries and sectors are using carbon pricing as a tool to combat climate change. It examines carbon...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.  

The Office of Tax Simplification has published a new report Property income review: simplifying income tax for residential landlords, focusing on the UK taxation of income from residential property, mainly in relation to individuals. Key findings and...

Victoria Atkins MP was appointed to the role of financial secretary to the Treasury on 27 October 2022. Her portfolio will include responsibility for tax policy and customs. Atkins takes over from Andrew Griffith who moves to the role of economic...

In oral evidence given to the PAC on HMRC Annual Report and Accounts 21-22, HMRC’s Jim Harra confirmed that the two-week period between when it was announcement of the repeal of the 2017 and 2021 off-payroll working rules and the subsequent...

HMRC intends to launch a campaign in November 2022 targeting non-compliance linked to offshore corporates owning property in the UK. Originally, HMRC had aimed to kick things off in September. Letters are now expected to be sent out in November to...

In response to media coverage about R&D tax credits, HMRC has confirmed that eight people have been arrested on the suspicion of conspiring to submit over 100 fraudulent R&D relief claims. ‘The arrests include a tax agent suspected of criminally...

The Department for Business, Energy and Industrial Strategy has issued regulations to implement the Energy Bill Relief Scheme. The scheme will provide discounts on electricity and gas bills for eligible businesses, including voluntary and public...