NEWS

Revenue and Customs Brief 6 (2022): Lennartz mechanism and VAT accounting clarifies HMRC’s position on the circumstances under which businesses which chose to keep the VAT recovered under the rules of the Lennartz mechanism before 22 January 2010...

The Guardian’s Allowance Up-rating Regulations, SI 2022/236, ensure that the annual increase in guardian’s allowance does not apply to payments made to individuals who live outside the UK, following the long-standing policy in the UK of not uprating...

The Taxation of Chargeable Gains Act 1992 (Amendment) Regulations, SI 2022/230, correct two references in TCGA 1992 which were missed during the rewrite of Part 1 of the Act by FA 2019 Sch 1 which applied from 6 April 2019. References in section...

The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations, SI 2022/255, set out the detailed requirements for the process of applying for authorisation to operate a collective money purchase pension scheme in Great Britain....

The Residential Property Developer Tax (Allocation of Allowance) Regulations, SI 2022/266, provide the technical requirements needed to allow HMRC to administer the allowance for the residential property developer tax (RPDT) in relation to groups of...

HMRC has issued regulations to ensure that the tax treatment of gains and losses on derivative contracts used to hedge currency risks on acquisitions and disposals of shares aligns with the treatment of the shares.The Disregard and Bringing into...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.Direct taxesManual Page Comments Business Income Manual Added:...

The Chartered Institute of Taxation has warned MPs that a lack of clarity around the purpose of legislation creating a register of overseas entities owning UK property could leave many people disappointed that it will not achieve what they expect it...

The Finance Act 2021, Schedule 33 (Licensing Authorities: Tax Information) Regulations, SI 2022/224, set out various information requirements for applicants, licensing authorities and HMRC for the purposes of the new tax checks rules for licence...

Research by UHY Hacker Young reveals that HMRC investigations in 2020/21 yielded no returns in 47% of cases – up from 31% from the previous tax year.HMRC has invested an estimated £100m in software to support its investigations work, but the low...