NEWS

Commenting on the expected £20bn UK government debt interest payments for June, the Institute for Fiscal Studies (IFS) sounds a note of caution. Although this represents a big jump in the UK’s debt interest bill, various underlying factors contribute...

The Climate Change Committee (CCC) has recommended a review of the tax system to support the net zero transition.The report acknowledges the need to introduce some form of road pricing to replace the fuel duty receipts that will gradually...

HMRC has published the synthesised text of the UK’s double tax convention with Chile as modified by the Multilateral Instrument. The revised version applies for taxes withheld at source in both countries from 1 January 2022, and for UK corporation...

The Customs (Tariff and Reliefs) (Amendment) Regulations, SI 2022/780, will allow the use of a single commodity code when making a written or electronic customs declaration to claim transfer of residence (ToR) relief. Individuals can claim ToR relief...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors. Direct taxesManual Page Comments Banking Manual Updated: BKM207100, BKM207350,...

As this week’s edition went to press, the eight surviving Conservative Party leadership candidates continued to focus on tax and spending priorities, with former chancellor, Rishi Sunak, seemingly alone in ruling out tax cuts until public finances...

Responding to the consultation on proposed capital allowances reforms, the CIOT urges the UK government to prioritise stability and consistency, and to develop clear policy aims around the types of investment it seeks to incentivise.Key points...

The Corporate Interest Restriction (Electronic Communications) Regulations, SI 2022/770, require certain notices and returns relating to the corporate interest restriction (CIR) to be sent to HMRC via an approved means of electronic communication....

TheEnergy (Oil and Gas) Profits Levy Billhas completed its Commons stages and will be debated in the Lords on 13 July. As it is a money Bill, the convention is that it cannot be amended by the Lords and so is effectively final.Note...

The OECD Secretary-General’s Tax report to G20 finance ministers sets out a revised and ‘more realistic’ timetable for pillar one, with a signing ceremony envisaged in the first half of 2023 for a multilateral convention to implement amount A, with...