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NEWS

Recent developments in tax.

Tax Journal thanks its authors for March (click on links below to view author profiles).
The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Statement on Wednesday 23 March 2022. Key announcements included:a 12-month cut to fuel duty by 5p a litre;an increase in the threshold after which NICs apply to earnings to align...
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: CG13150 Updated...
The OECD has published a public consultation document regarding a new global tax transparency framework to provide for the reporting and exchange of information related to cryptoassets. The document also sets out proposed amendments to the...
HMRC launched 137,000 tax investigations in the six months to December 2021 (1,062 investigations per day), up from 126,000 during the same period the previous year, according to the fee protection insurance specialist, PfP.As HMRC increases its...
HMRC has added a new section on the contractual disclosure facility (CDF) to its guidance How to make a voluntary disclosure to HMRC.The new CDF section is aimed at taxpayers who have deliberate behaviour to disclose. Taxpayers can ask to enter the...
HMRC’s Agent Update issue 94 brings together various updates and reminders, including the following:Employee home-office expenses: the temporary income tax and NICs easements for coronavirus-related home-office expenses reimbursed by the employer...
HMRC has published the outcome of an internal review of its powers to uphold standards for agents in the tax advice market. The report concludes that HMRC uses all options to secure positive outcomes where poor tax agent behaviours are found....
The HMRC late-payment interest rate for most taxes will increase to 3.25% from 5 April 2022, following the Bank of England’s decision on 16 March to increase the bank base rate from 0.50% to 0.75%.Interest charged on underpaid quarterly instalments...
The OECD has published its fourth peer review report assessing the actions taken by jurisdictions to prevent tax treaty shopping and other forms of treaty abuse under BEPS action 6.Commenting on progress on action 6, the OECD notes that ‘members of...
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