NEWS

Former education secretary Nadhim Zahawi is appointed as UK chancellor following the dramatic resignation of Rishi Sunak.Chris Sanger, EYs head of tax policy, said: The chancellors resignation could be a turning point in the...

The class 1 NICs primary threshold increased to £12,570 on 6 July 2022, bringing the threshold into alignment with the income tax personal allowance. This aimed to soften the impact of the health and social care levy, which increased various rates of...

Highlights from pension schemes newsletter 140 include the following:The tax treatment of interest payments which are made where a pension has been underpaid and the administrator pays arrears of pension. Interest payments will qualify as scheme...

The UK and Scottish governments have commissioned an independent report to evaluate the block grant adjustment funding arrangements for tax and welfare devolution against the principles agreed by the Smith Commission.The report is expected to be...

New regulations and practice guidance came into effect on 28 June 2022 for the remote observation of court and tribunal hearings (including in the tax tribunals).In summary, the new rules mean that members of the public can now observe video...

The new Registry of Overseas Entities will come into being when Part 1 of the Economic Crime (Transparency and Enforcement) Act 2022 is brought into force. The register will require overseas entities owning or buying property in the UK to provide...

HMRC has updated the following plastic packaging tax (PPT) guidance pages.Get tax relief on exported and converted components for plastic packaging tax: the main changes are to the guidance on claiming relief from PPT for packaging components which...

HMRC has published new guidance on how to deregister for plastic packaging tax (PPT). This will be important for businesses which are no longer liable to be registered and are therefore required to apply to HMRC to deregister. The guidance notes that...

HMRC has updated the following guidance notes which set out the basic requirements for registration of trusts:Register a trust as an agent: guidance for agents who need to register a client’s trust with HMRC; andRegister a trust as a trustee:...

HMRC is consulting on proposals to formalise and extend the concession which removes trusts and estates from income tax where their only source of income is savings interest and the tax liability is below £100. Under the proposed change, trusts and...