NEWS

HMRC’s pension schemes newsletter 139 brings together the latest updates for administrators and trustees, including the following:Annual return of information for 2021/22: a reminder of the 5 July 2022 for submitting annual returns.Digitisation of...

Freedom of information requests by Tax Policy Associates have revealed that, in 2019, UK taxpayers held over £850bn in overseas bank accounts, of which £570bn was held in tax havens. Although the figures suggest potential evasion of UK tax, the...

HMRC has received data on 277 businesses from tax authorities in 12 no-tax or only nominal-tax jurisdictions (Anguilla, Bahamas, Bahrain, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey, Turks and Caicos...

China has deposited its instrument of ratification for the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (the BEPS convention, or MLI) with the OECD. China’s instrument of approval also...

The OECD has published responses received to its consultation on the regulated financial services exclusion under amount A of pillar one....

The OECD has published two consultation documents:Tax certainty framework for amount A: which aims to provide certainty for in-scope groups over all aspects of the new rules, including the elimination of double taxation. The framework will include...

The Customs (Export Declarations) (Amendment) Regulations, SI 2022/588 amend the Customs (Export) (EU Exit) Regulations, SI 2019/108 to allow for oral or ‘by conduct’ export declarations to be made for certain goods being exported to support victims...

HMRC has published new factsheet CC/FS69 on how VAT-registered businesses can avoid penalties for making tax digital (MTD) for VAT. VAT-registered businesses must keep certain records digitally and file their VAT returns using compatible software....

HMRC has published a new VAT Brief which reframes HMRC’s approach to determining whether an activity is a business activity for VAT purposes. VAT Brief 10/2022 sets out the following two-stage test for determining whether an activity is a business...

The CIOT’s response to the OTS call for evidence on the taxation of property income includes the following points:The restriction on deductibility of funding costs for individuals, partnerships of individuals and trustees but not for corporates or...