NEWS

HMRC has issued new regulations to remove the requirement for businesses to report sales of mobile phones and computer components. The Value Added Tax (Reverse Charge Sales Statements) (Revocation, Saving and Transitional Provision) Regulations, SI...

HMRC’s factsheet CC/FS48 Penalties for not telling HMRC about coronavirus job retention scheme grant overpayments has been revised to add guidance on how taxpayers can appeal a decision by HMRC to recover a grant and/or impose a penalty.The factsheet...

HMRC is consulting on the inclusion of cryptoassets in the investment transactions list of asset types used for the purposes of the investment manager exemption (IME) and certain fund tax regimes. The UK government intends to expand the investment...

The increase in the main rate of corporation tax to 25% from April 2023 will see the UK move from 6th to 21st place in the global corporate tax league table, reports accountancy firm UHY Hacker Young. The current 19% rate places the UK near the top...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors. Direct taxes Manual Page Comments Capital Gains Manual Updated:...

The European Commission has published a draft directive on the debt-equity bias reduction allowance (DEBRA) initiative to address the asymmetry in the tax treatment of debt and equity. It will apply to all taxpayers that are subject to corporate...

Draft regulations (the Corporate Interest Restriction (Electronic Communications) Regulations 2022) provide that certain notices and returns relating to the corporate interest restriction (CIR) must be sent via an approved method of electronic...

The European Commission has announced that the EU state aid covid temporary framework will not be extended beyond 30 June 2022, with the exception of investment and solvency support measures.The following support measures provided for in the...

The government is planning to bring forward a bill to change the Northern Ireland protocol, according to foreign secretary Liz Truss in a statement to the House of Commons on 17 May. The aim of the bill is to cement those provisions which are...

Welsh ministers have agreed to support freeport policies in Wales following the UK government’s agreement to meet the Welsh government’s demands for parity with the deals offered to English freeports.The agreement includes:tax incentives for...