NEWS

The Financial Conduct Authority (FCA) has issued the largest fine so far in its targeting of cum-ex trading cases, imposing a £2m penalty on TJM Partnership for failing to ensure it had effective systems and controls to identify and reduce the risk...

The CIOT has broadly welcomed HMRC’s consultation on extending the concession which removes low-income trusts and estates from income tax, but cautions that trusts should be able to elect out of the regime where necessary. Key points...

The UK government is delaying the introduction of its proposed export refund scheme which would allow refunds of VAT for second-hand motor vehicles bought in Great Britain and moved to Northern Ireland or the EU for resale.The scheme had been due to...

HMRC is reminding businesses to submit their PPT return covering the period 1 April to 30 June and pay any tax due by 29 July 2022 and has shared some helpful information on first PPT returns and payments including various updated guidance links....

The Commons Treasury Committee is calling for evidence on the potential risks and opportunities associated with cryptoassets in the UK. The inquiry will also consider the potential impact of distributed ledger technology on financial institutions and...

The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No 2) Regulations, SI 2022/782 set out a new list of high-risk third countries in relation to which enhanced due diligence requirements apply under the principal Money...

HMRC’s recently published annual report and accounts for 2021/22 reveal a number of highlights, including a record £731bn in total tax revenues – up from £609bn for the previous tax year (perhaps unsurprisingly, given the impact of the pandemic), but...

HMRC has published a briefing document outlining measures that were put in place to minimise the risk of error and fraud in relation to the UK government’s covid-19 support schemes. The document also sets out HMRC’s subsequent work to address...

In a reply to a joint letter from the professional bodies which took the unusual step of openly criticising HMRC’s service levels, HMRC has reported steady progress on performance metrics over the last year. The complaint letter had called for three...

Deloitte’s CFO Survey for Q2 of 2022 suggests that chief financial officers of the UK’s largest companies see an increased risk of the UK going into recession in the next 12 months. Recent increases in interest rates have tightened credit conditions,...