NEWS

European finance ministers have reached agreement on the general approach for the carbon border adjustment mechanism (CBAM) regulation, which is one of the key elements of the EUs fit for 55 package. Sufficient progress still...

EY reports recently seeing several similar HMRC information requests issued to businesses asking for details about potential super-deduction claims. According to EY: The questions are very generic and have been typically sent to companies with...

The Economic Crime (Anti-Money Laundering) Levy Regulations, SI 2022/269, provide for the assessment, payment, collection and recovery of the economic crime (anti-money laundering) levy which was introduced in FA 2022 Part 3 and will first be charged...

HMRC’s Stakeholder Digest (11 March 2022) highlights the following: Help for organisations sending humanitarian aid to Ukraine: organisations moving goods designated as humanitarian aid from the UK to support those affected by the humanitarian crisis...

The National Insurance Contributions Act 2022 and the Economic Crime (Transparency and Enforcement) Act 2022 both received Royal Assent in the early hours of Tuesday 15 March 2022....

The OECD has published the comments it received in response to its consultation on draft rules for calculating profits (or losses) of in-scope MNEs which will be used to determine the amount to be reallocated.Respondents have commented on a wide...

HMRC has published further new and updated guidance for imports, exports and customs to reflect the post-transition period regime:Customs (Import and Export Declarations) (Amendment) Regulations, SI 2022/271: provide for certain goods being exported...

Revenue and Customs Brief 6 (2022): Lennartz mechanism and VAT accounting clarifies HMRC’s position on the circumstances under which businesses which chose to keep the VAT recovered under the rules of the Lennartz mechanism before 22 January 2010...

The Guardian’s Allowance Up-rating Regulations, SI 2022/236, ensure that the annual increase in guardian’s allowance does not apply to payments made to individuals who live outside the UK, following the long-standing policy in the UK of not uprating...

The Taxation of Chargeable Gains Act 1992 (Amendment) Regulations, SI 2022/230, correct two references in TCGA 1992 which were missed during the rewrite of Part 1 of the Act by FA 2019 Sch 1 which applied from 6 April 2019. References in section...