NEWS

Recent media reports suggest that the Treasury is considering introducing an annual or lifetime cap on gifts for IHT purposes, potentially also looking at taper rates following PETs. Commenting on the rumoured proposals, Hilesh Chavda, partner at...

HMRC have published a new Multinational Top-up Tax and Domestic Top-up Tax internal guidance manual based on previous tranches of draft guidance released for consultation in September 2024 and January 2025, updated to reflect stakeholder comments....

Zimbabwe has signed the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention, which now encompasses over 151 jurisdictions, will allow Zimbabwe to engage with major global financial centres and add to the...

HMRC have revised their late-payment and overpayment interest rates, following the Bank of Englands 6 August 2025 decision to reduce the bank base rate to 4%.From 27 August 2025, the late-payment interest rate for most taxes will be 8% and the...

Save As You Earn scheme bonus rates are automatically adjusted following a change to the bank base rate, in accordance with the bonus rates automatic mechanism. As a consequence of the 0.25 percentage point base rate cut in August 2025, the following...

Tax year 2024/25 saw a record 517 cases dealt with under alternative dispute resolution (ADR) up from 367 cases in the previous tax year reports law firm BCLP. Of those 517 cases, 43% took longer than HMRCs four-month target to...

HMRCs Pension Schemes Newsletter 171 (July 2025) includes the following points of interest for practitioners:Reforms to inheritance tax on pensions: personal representatives rather than pension scheme administrators will be liable for...

HMRC received a record 164,670 anonymous fraud tip-offs in 202425, up almost 9% over the previous tax year. Price Bailey reports, however, that payments to informants over the same period fell by 13%, suggesting that HMRC are being...

HMRC have issued new guidance to help employers and agents dispute an employer PAYE charge. The guidance links through to an online service which can be used to get help from HMRC where the employer PAYE bill is wrong, and the business needs help...

Tax Journal thanks its authors for July (click on links below to view author profiles and access their contributions).