NEWS

HMRC has launched a consultation on draft regulations that will remove a sunset clause from the hybrid and other mismatches rules so that an exemption for certain hybrid instruments issued by banks continues to apply from 1 January 2023.The Hybrid...

The OECD expects that countries will work on reaching technical agreement on pillar one by the time G20 leaders meet in Bali on 15 November 2022, according to reports of comments made by the secretary general of the OECD, Matthias Cormann, at a...

Following its consultation on the OECD Model Reporting rules for digital platforms, the UK government has announced that the new rules will start from 1 January 2024, with collection of information starting from January 2024 and submission of the...

HMRC’s Agent Update issue 96 (May 2022) brings together the latest technical updates and reminders, including the following:Social security co-ordination: arrangements which allowed HMRC to disregard changes to individuals’ work locations caused...

The president of the First-tier Tribunal Tax Chamber has published a new Practice Direction, setting out guidance for the allocation of cases to the four categories in the FTT. When the FTT receives a notice of appeal, rule 23 of the FTT Tribunal...

Uzbekistan has become the 164th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. As a member of the Forum, Uzbekistan will also participate in the Asia Initiative, a programme aimed at tackling tax evasion and...

The CIOT has responded to the HMRC consultation on an independent customs regime for the UK, noting the following:Using the Simplified Customs Declarations Process is not always efficient, and delaying the timing of processing full import...

HMRC has updated its guidance on the VAT treatment of goods sold on board ferries between Great Britain and Northern Ireland. Section 11 of VAT Notice 744A confirms that goods sold on board ferries between Great Britain and Northern Ireland continue...

HMRC has updated its guidance on sales of goods by members of a UK VAT group. VAT Notice 700/2 has been updated at section 7.3.2 to confirm the following:UK VAT groups can continue to include members that are established in Northern Ireland as well...

HMRC has updated the following guidance notes covering how VAT should be accounted for where businesses move goods from Great Britain to Northern Ireland: Exemption and partial exemption from VAT: a new section has been added on the VAT treatment...