NEWS

The OECD has published a new Bilateral Advance Pricing Arrangement Manual (BAPAM) which is a guide for streamlining the BAPA process, an advance pricing agreements between two jurisdictions. The BAPAM provides tax administrations and taxpayers with...

Anguilla, The Bahamas and the Turks and Caicos Islands has been added to the EU list of non-cooperative jurisdictions for tax purposes. Bermuda and Tunisia have been removed from the grey list of jurisdictions with Armenia and Eswatini...

The Chancellor has announced that the 45p additional rate of income tax will not be removed from 6 April 2023 as proposed in the 23 September mini-Budget, describing the proposal as a ‘distraction’ from the UK government’s ‘overriding mission to...

HMRC briefly published a policy paper on 21 September, confirming the intention to issue new regulations to ensure continuation of the existing exemption from counteraction under the hybrid and other mismatch rules for certain hybrid capital and debt...

HMRC has revised its guidance on the requirement to notify an uncertain tax treatment. The section ‘When you do not need to notify us’ has been updated to clarify the extent of the public authority exemption. Subsidiaries of a public authority are...

HMRC is consulting on draft regulations that will spread the transitional impact of IFRS 17 and revoke the requirement for life insurance companies to spread acquisition expenses over seven years.The draft Insurance Contracts (Tax) (Change in...

The following changes will apply for residential transactions with an effective date on or after 10 October 2022:Nil-rate threshold increases to £225,000 (up from £180,000).The portion over £225,000 up to £400,000 is taxed at 6% (this band straddles...

The closing deadline for the call for evidence on the review of hybrid and distance working has been brought forward. The deadline for responses is now 28 October 2022 (originally 25 November 2022)....

HMRC’s Pension Schemes Newsletter 143 confirms the following:for the 2023/24 tax year, the relevant rate of tax for relief at source schemes will be 20% (meaning relief will be given at 20% even though the basic rate will be 19%) to give one year’s...

From 1 November 2022, business will not be able to use their existing VAT online account to send quarterly or monthly VAT returns. Businesses instead need to sign up to making tax digital (MTD) and use compatible software to keep their VAT records...