NEWS

The CIOT and LITRG have responded to the inquiry by the Finance Committee of Senedd Cymru (Welsh Parliament) into the Welsh Tax Acts etc (Power to Modify) Bill. In summary, the CIOT and LITRG’s responses are as follows:Tax law should be set out in...

HMRC has published a new chapter in its cryptoassets manual on decentralised finance. Decentralised finance (DeFi) is a term used to cover the crypto equivalents of traditional financial services, including exchanges, lending, saving and derivatives....

HMRC and HM Treasury have published a call for evidence on how the UK’s customs system can be improved to make it easier for traders to navigate the UK’s customs system. The call for evidence invites views on the customs intermediary sector, the...

HMRC has substantially updated its disclosure of tax avoidance schemes (DOTAS) guidance. New topics covered include HMRC’s powers, introduced in Finance Act 2021, to give reference numbers to persons it suspects of being involved in the supply of a...

HMRC has published its rates and thresholds document for the tax year 2022/23, setting out key rates and allowances for employers operating payroll and paying expenses and benefits to their employees. The new rates cover income tax rates (including...

HMRC has recently issued a series of generic ‘nudge’ letters to companies that make cross-border royalty payments and that are members of non-UK headquartered groups. These set out some of the common errors found in the calculation of royalty...

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 Added: CG64036 New and...

The UK government had put forward a new clause and schedule for consideration at report stage on 2 February 2022 to introduce a new tax: the public interest business protection tax.The new tax aims to counter the risk of companies which hold assets...

Tax Journal understands that the next Budget is not expected until the autumn. While the OBR has been asked to produce an economic and fiscal forecast for 23 March 2022, were told that the chancellor will only be making a Spring Statement to...

HMRC has launched a consultation on draft regulations covering Freeport National Insurance contributions relief where employees’ time spent at the freeport site is limited due to a protected characteristic.One of the conditions for the zero-rate of...