NEWS

The CIOT has responded to HMRC’s consultation on the draft Social Security Contributions (Freeports) Regulations 2022 which will provide exemptions from the requirement that an employee spend 60% of their working time in a freeport tax site, where...

On 14 February 2022, the UK and Scottish governments have agreed to establish two new green freeports in Scotland which are planned to be operational by spring 2023. Prospective bidders must pledge to reach net zero by 2045 and set out regeneration...

The Treasury has published a summary of responses outlining feedback the government received on the call for input on the UK funds regime.At Budget 2020 the government launched a wide-ranging review of the UK funds regime to consider reforms which...

The Money Laundering and Terrorist Financing (Amendment) Regulations, SI 2022/137 amend the principal Anti-Money Laundering Regulations (SI 2017/692) to delay the main deadline in reg 45 (register of beneficial ownership) for registering existing...

HMRC has made its first ever seizure of non-fungible tokens (NFTs) as part of a 1.4m VAT fraud investigation, which is understood to involve 250 allegedly fake companies and led to the arrests of three people.HMRC is the first UK law...

HMRC has substantially updated its promoters of tax avoidance schemes (POTAS) guidance to reflect changes introduced by Finance Act 2021, including new guidance in section 4 on stop notices and in section 5 on conduct notices.Other new sections added...

The House of Lords Library has published a new briefing paper summarising the various stages in the passage of Finance Bill 2022 through Parliament.The briefing summarises amendments agreed (and a number of opposition amendments that were defeated)...

HMRC’s Stakeholder Digest (published on 10 February 2022) provides a round-up of recent news including the following:A new report commissioned by HMRC has found ongoing benefits for MTD for VAT businesses, including reduced scope for errors, time...

HMRC has launched a technical consultation seeking views on draft regulations which will widen the scope of the alternative finance arrangements tax rules which allow finance to be provided without the payment of interest. The draft Alternative...

Lesotho, Thailand and Vietnam have signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI). They now bring the number of jurisdictions which have ratified, accepted or approved...