NEWS

The Advisory Group for Global Dialogue on Tax Matters has held the first meeting under its new mandate, reflecting developments in international tax cooperation over the past decade. The statement of outcomes from the meeting includes the...

The OECD has published nine stage-2 peer review reports under BEPS Action 14 (minimum standard to improve the resolution of tax-related disputes). The reports cover Andorra, Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Faroe Islands,...

As previously announced as part of its ongoing implementation work for pillar one, the OECD has launched its consultation on the ‘extractives exclusion’ which will exclude profits from extractive industries from the scope of amount A.The exclusion...

Where a plastic packaging component is made from multiple materials, but contains more plastic by weight than any other substance, it will be classed as a plastic packaging component for the purposes of the plastic packaging tax (PPT).HMRC’s updated...

The total income tax paid by high earners making £150,000 or more has increased by 77% in the last decade, reaching £60.9bn in the 2019/20 tax year, up from £34.5bn in 2010/11, reports national accountancy group, UHY Hacker Young. Over the same...

HMRC suspects the UK’s largest companies of owing £725m in underpaid tax in the last year because of overclaiming R&D tax relief, says national accountancy group UHY Hacker Young. That represents a 16% jump on the £623m in tax HMRC suspected was...

HMRC’s Extended loss carry back for businesses guidance has been updated to clarify that, even where companies have enough losses to enable them to make extended loss carry-back claims under the temporary provisions for accounting periods ending...

The government has published responses to the public consultation on the introduction of a UK corporate re-domiciliation regime and thereby bringing the UK into line with most European and global counterparts (see bit.ly/3xsv9Ug). Overall,...

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 Gains Manual Updated: CG-APP18 Content...

The CIOT has recently responded to the UK consultation on proposed implementation of the model rules into UK law and has also commented on the OECDs implementation framework consultation.Key points from the CIOTs response to the...