NEWS

The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations, SI 2022/255, set out the detailed requirements for the process of applying for authorisation to operate a collective money purchase pension scheme in Great Britain....

The Residential Property Developer Tax (Allocation of Allowance) Regulations, SI 2022/266, provide the technical requirements needed to allow HMRC to administer the allowance for the residential property developer tax (RPDT) in relation to groups of...

HMRC has issued regulations to ensure that the tax treatment of gains and losses on derivative contracts used to hedge currency risks on acquisitions and disposals of shares aligns with the treatment of the shares.The Disregard and Bringing into...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.Direct taxesManual Page Comments Business Income Manual Added:...

The Chartered Institute of Taxation has warned MPs that a lack of clarity around the purpose of legislation creating a register of overseas entities owning UK property could leave many people disappointed that it will not achieve what they expect it...

The Finance Act 2021, Schedule 33 (Licensing Authorities: Tax Information) Regulations, SI 2022/224, set out various information requirements for applicants, licensing authorities and HMRC for the purposes of the new tax checks rules for licence...

Research by UHY Hacker Young reveals that HMRC investigations in 2020/21 yielded no returns in 47% of cases – up from 31% from the previous tax year.HMRC has invested an estimated £100m in software to support its investigations work, but the low...

HMRC succeeded in 86% of appeals decided in the First-tier Tribunal in the year to 31 March 2021, up from 82% and 75% respectively in the preceding two years, reports Pinsent Masons.Jake Landman, partner at Pinsent Masons, said: ‘HMRC’s increasing...

The Office of Tax Simplification (OTS) has published an evaluation paper on the single customer account identifying the following key issues:A roadmap for the single customer account for individuals should set out key development stages at which...

HMRC has updated its guidance on follower notices and accelerated payments to cover penalty reductions for taxpayer co-operation (sections 1.15.10 to 1.15.14) and circumstances in which it would be reasonable for a taxpayer to pursue an appeal rather...