NEWS

The European Commission has published a draft Directive, Unshell (also referred to as ATAD III), designed to prevent the misuse of shell entities for improper tax purposes. This initiative was announced by the Commission in its...

HMRC has launched a technical consultation on draft regulations which will extend the scope of the ‘Disregard regulations’ to cover derivative contracts which hedge foreign exchange risk in relation to anticipated future acquisitions or disposals of...

The Public Bill Committee passed the following government amendments to Finance Bill 2022 on 14 December:Schedule 2: Qualifying asset holding companiesamendments 1 and 2, expanding the definition of ‘investment management profit-sharing arrangements’...

The Designation of Freeport Tax Sites (Freeport East) Regulations, SI 2021/1389 designate the following areas as freeport tax sites within Freeport East with effect from 30 December 2021:Tax site 1: Harwich Tax Site Tendring;Tax site 2: Gateway 14,...

HMRC Factsheet CC/FS14: Compliance checks: managing serious defaulters factsheet has been revised to set out more clearly what the taxpayer must do as part of the managing serious defaulters programme.HMRC Trusts and Estates Newsletter: December...

The Office of Tax Simplification (OTS) has published an update paper following its previous reviews of tax simplification for smaller businesses and individuals.The evaluation update paper follows up 2019 OTS reviews Simplifying everyday tax for...

HMRC’s latest Stakeholder Digest (9 December 2021) rounds up recent developments, including the following:HMRC is writing to all businesses under the £85,000 VAT threshold which have not yet signed up to Making Tax Digital (MTD) for VAT, encouraging...

HMRC has published Agent Update issue 91 (December 2021) providing a round-up of recent developments for tax agents and advisers including the following:summary of Covid-19 guidance published by HMRC – including reporting Self-Employment Income...

The CIOT has published an update from HMRC on income tax self-assessment (ITSA) repayment claim verification letters, which had previously been delayed. The update reports that HMRC is now up to date with handling ITSA repayment post, having diverted...

HMRC has updated its making tax digital for income tax guidance to confirm that taxpayers must submit quarterly updates within one month of the end of the relevant quarterly period. The standard quarterly periods and deadlines are:...