NEWS

President Trump signed the One Big, Beautiful Bill Act into law on 4 July. The retaliatory measure set out in section 899 was removed after the G7 reached a shared understanding regarding US exemption from the Pillar Two global minimum tax rules....

The Multinational Top-up Tax (Pillar Two Territories, Qualifying Domestic Top-up Taxes and Accredited Qualifying Domestic Top-up Taxes) (Amendment) Regulations, SI 2025/783, allow HMRC to specify Pillar Two territories and overseas domestic top-up...

Responding to HMRC’s consultation on improving HMRC’s approach to dispute resolution, the CIOT sets out its support for the alignment of appeals processes across direct and indirect taxes, thus helping reduce confusion and misunderstanding caused by...

The CIOT has also responded to HMRC’s consultation on transfer pricing, permanent establishment and diverted profits tax which closed on 7 July. On transfer pricing and the general exemption for UK, the UK transfer pricing is considered a positive...

HMRC data suggests that the number of real estate investment trusts (REITs) in breach of the conditions for their special tax status has nearly quadrupled over the last year, according to analysis by law firm BCLP (Bryan Cave Leighton Paisner). The...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

The G7 has reached agreement on the application of the global minimum tax under Pillar Two, including the removal of section 899 from the US One Big Beautiful Bill a retaliatory tax provision designed to increase tax on foreign...

The Reporting Cryptoasset Service Providers (Due Diligence and Reporting Requirements) Regulations, SI 2025/744, will require UK businesses which transfer relevant cryptoassets, or exchange relevant cryptoassets for other cryptoassets, government...

Data obtained by LCN Legal under the Freedom of Information Act suggests that HMRC have been taking a light-touch approach to transfer pricing cases, with penalties for non-compliance with the UK rules either so small as to be non-disclosable or...

Following concerns previously raised around errors in some Class 2 NICs computations, the ATT reports having received confirmation from HMRC that no further action is now required by agents who have received incorrect calculations for their clients....