NEWS

The OECD has published Amount A: draft model rules for nexus and revenue sourcing for consultation, which it describes as containing ‘the first building blocks under pillar one for which public input will be sought, relating to nexus and revenue...

Revenue and Customs Brief 2/2022: VAT early termination fees and compensation payments sets out HMRC’s change of policy on the VAT treatment of early termination fees and similar payments from 1 April 2022. HMRC now considers that charges made by...

HMRC has confirmed to the CIOT that the income tax self-assessment late-filing penalty waiver (no penalties for returns filed by 28 February 2022) will also apply for the reporting of overclaimed covid-19 grants.For businesses within income tax...

The CIOT has responded to the Treasury’s R&D tax reliefs report which sets out ‘further detail and next steps’ for the review of R&D tax reliefs announced at autumn Budget 2021. The CIOT:welcomes confirmation that the government will expand...

The House of Lords will scrutinise Finance Bill 2022 on 22 February 2022. As there is no power for the Lords to amend a money bill, the Lords stages are a formality and the final stage before Royal Assent is given to the Act.The House of Lords...

The CIOT has responded to HMRC’s consultation on the mandatory disclosure rules (MDR) regime which would require the disclosure of certain arrangements and structures which could facilitate tax evasion to HMRC. The consultation followed the...

The Stamp Duty and Stamp Duty Reserve Tax (LCH SA) Regulations, SI 2022/102 remove multiple charges to stamp duty and stamp duty reserve tax (SDRT) for securities that are transferred to the clearing house known as LCH SA, its clearing participants...

HMRC interest rates for late payments are to increase to 3% for most taxes, following the Bank of England decision to increase base rate from 0.25% to 0.5%.The increased late-payment interest rates will apply from 14 February for underpaid...

The CIOT and LITRG have responded to the inquiry by the Finance Committee of Senedd Cymru (Welsh Parliament) into the Welsh Tax Acts etc (Power to Modify) Bill. In summary, the CIOT and LITRG’s responses are as follows:Tax law should be set out in...

HMRC has published a new chapter in its cryptoassets manual on decentralised finance. Decentralised finance (DeFi) is a term used to cover the crypto equivalents of traditional financial services, including exchanges, lending, saving and derivatives....