NEWS

The CIOT has published an update from HMRC on income tax self-assessment (ITSA) repayment claim verification letters, which had previously been delayed. The update reports that HMRC is now up to date with handling ITSA repayment post, having diverted...

HMRC has updated its making tax digital for income tax guidance to confirm that taxpayers must submit quarterly updates within one month of the end of the relevant quarterly period. The standard quarterly periods and deadlines are:...

In an update published by the CIOT, HMRC confirms that from 9 December 2021 taxpayers can only sign up for the making tax digital for income tax self-assessment pilot via their software provider. The update notes that those already participating in...

HMRC has issued a reminder that the self-serve online facility to agree time to pay arrangements for income tax self-assessment liabilities of under £30,000 remains available and can be used to spread the payment of tax due by 31 January 2022. The...

The Scottish government has published the outcomes of its consultation on its overarching approach to tax policy, alongside Scotland’s first framework for tax, which sets out the principles and strategic objectives that underpin the Scottish approach...

The Scottish government delivered its 2022/23 budget on 9 December 2021. The key tax announcements include:income tax rates will remain unchanged in 2022/23. The starter and basic rate bands will increase in line with inflation and the higher and top...

The Welsh government delivered its 2022/23 Budget on 20 December 2021. The key tax announcements include:the Welsh rate of income tax is set at 10% for 2022/23, which maintains current levels and means that Welsh taxpayers are subject to exactly the...

Following the Bank of England base rate rise, HMRC interest rates for late payments have been increased to 2.75% for most taxes. The change applies from 4 January 2022.For interest charged on underpaid corporation tax quarterly instalments, the rate...

The Seychelles has deposited its instrument of ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (Multilateral Convention or MLI). Iceland has also deposited a new...

The OECD Inclusive Framework on BEPS has released its 2020 peer review assessments of 131 jurisdictions in relation to the exchange of information on tax rulings.According to the 2020 peer review reports, 95 jurisdictions are now fully in line with...