NEWS

Where a plastic packaging component is made from multiple materials, but contains more plastic by weight than any other substance, it will be classed as a plastic packaging component for the purposes of the plastic packaging tax (PPT).HMRC’s updated...

The total income tax paid by high earners making £150,000 or more has increased by 77% in the last decade, reaching £60.9bn in the 2019/20 tax year, up from £34.5bn in 2010/11, reports national accountancy group, UHY Hacker Young. Over the same...

HMRC suspects the UK’s largest companies of owing £725m in underpaid tax in the last year because of overclaiming R&D tax relief, says national accountancy group UHY Hacker Young. That represents a 16% jump on the £623m in tax HMRC suspected was...

HMRC’s Extended loss carry back for businesses guidance has been updated to clarify that, even where companies have enough losses to enable them to make extended loss carry-back claims under the temporary provisions for accounting periods ending...

The government has published responses to the public consultation on the introduction of a UK corporate re-domiciliation regime and thereby bringing the UK into line with most European and global counterparts (see bit.ly/3xsv9Ug). Overall,...

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 Updated: CG-APP18 Content...

The CIOT has recently responded to the UK consultation on proposed implementation of the model rules into UK law and has also commented on the OECDs implementation framework consultation.Key points from the CIOTs response to the...

HMRC has updated its guidance to clarify the application of the zero, reduced and standard rates of VAT for the installation of energy-saving materials in GB and NI following recent legislative changes. VAT Notice 708/6: Energy-saving materials and...

Recently updated guidance for imports, exports and customs includes: Notices made under the Customs (Import Duty) (EU Exit) Regulations, SI 2018/1248 Notices 49 and 52 have been...

The number of wealthy UK taxpayers voluntarily disclosing unpaid tax on offshore assets jumped 35% from 3,301 to 4,443 in the 202021 tax year, according to data obtained by law firm Pinsent Masons through a Freedom of Information request.The...