NEWS

The following regulations have been published:The Customs Tariff (Preferential Trade Arrangements) (Amendment) Regulations, SI 2022/613. These Regulations update references in the principal Preferential Trade Arrangements Regulations (SI 2020/1457)...

HMRC has issued revised advisory fuel rates for company cars which apply from 1 June 2022. All of the rates have been increased since the previous update on 1 March 2022, reflecting the sharp increase in fuel prices over the period.The latest rates...

HMRC has responded to a query raised by the ICAEW in one of its employment and payroll groups to confirm that PAYE codes which have been adjusted for claims made online for working from home (WFH) expenses of £6 per week will not be carried forward...

HMRC has updated its guidance on the qualifying asset holding companies (QAHC) rules (introduced on 1 April 2022 by FA 2022). The guidance, set out at para IFM40260 of HMRC’s Investment funds manual confirms (in example 4) that loan origination is...

In joined cases T-363/19 (UK v Commission) and T-456/19 (ITV v Commission), the General Court of the EU has dismissed the applications for annulment of the Commission’s April 2019 decision which found that the group finance exemption (GFE) from the...

The Designation of Freeport Tax Sites (Plymouth and South Devon Freeport) Regulations, SI 2022/643, designate the freeport tax sites for the Plymouth and South Devon Freeport with effect from 4 July 2022.Tax reliefs available in freeport tax sites...

HM Treasury has confirmed that the implementation of the OECD Inclusive Frameworks global minimum tax (pillar two) rules in the UK will take effect for accounting periods beginning on or after 31 December 2023 and not April 2023 as...

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: CG45949 ...

Having introduced a new ‘super-deduction style’ investment allowance as part of the energy profits levy, HMRC has also published the following new guidance on the super-deduction itself and the special-rate first-year allowance (SR allowance):Check...

In a statement to the House of Commons on 26 May 2022, the Chancellor of the Exchequer outlined the following new measures which aim to address the most serious impacts of the cost of living crisis:a new temporary energy profits levy, charged on oil...