NEWS

The Income Tax (Exemption of Social Security Benefits) Regulations, SI 2022/529, amend ITEPA 2003 Pt 10 Ch 5 to exempt the following three social security payments from income tax, with retrospective effect:the Scottish government’s adult disability...

HMRC is reviewing the position for taxpayers where the disposal figures declared on the individuals’ 2019/20 self-assessment return differs from disposal figures declared by the purchasing company, according to an HMRC briefing shared by the...

The National Insurance Contributions (Application of Part 7 of the Finance Act 2004) (Amendment) Regulations, SI 2022/526, extend the effect of the DOTAS provisions in FA 2021, which allow HMRC to issue notices where it reasonably suspects that...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors. Direct taxesManual Page Comments Capital Allowances Manual Updated: CA23845 ...

The Treasury has issued a publication Potential reforms to UK’s capital allowance regime – inviting views aiming to ‘kickstart a conversation’ with businesses on reforming the UK’s capital allowances regime. The 2022 Spring Statement set out a number...

HMRC has published its Trusts and Estates Newsletter for April 2022, covering the following:Trust Registration Service (TRS) deadline: reminder of the 1 September 2022 deadline for registering most trusts.Capital Gains Tax on UK Property Account:...

Following consultation, HMRC has published the Recognised Stock Exchange (MICEX Stock Exchange) (Russia) Designation Revocation Order 2022 to revoke the Moscow stock exchange’s designation as a recognised stock exchange, with effect from 5 May 2022....

HMRC has published new compliance checks series factsheet CC/FS55 covering penalties which may be charged for inaccurate interest restriction returns and other documents. A penalty may be charged where taxpayers have sent an inaccurate return and the...

The GAAR advisory panel has given an opinion on arrangements which sought to reward the shareholder and sole director of a company (Mr A) by creating additional pension rights.In essence, the arrangements involved three stages: firstly, the company...

HMRC has increased the interest rates for late payments of tax following the Bank of England’s decision on 5 May 2022 to increase the bank base rate from 0.75% to 1%.The rate of late-payment interest for most taxes is increased to 3.5% from 24 May...