NEWS

HMRC has updated its guidance for banks and building societies that submit taxpayers’ interest returns, including publishing a new bulletin and refreshed guidance notes for the returns.HMRC requires financial institutions in the UK to return...

The House of Commons Treasury Committee’s report Tax after Coronavirus is ‘the most substantial report on tax reform ever produced by a parliamentary committee’, according to the CIOT. The report, unanimously agreed by members of the Committee, puts...

The Finance Bill will be published on 11 March 2021. The Budget resolutions, which give effect to certain proposals (under the powers in the Provisional Collection of Taxes Act 1968) are available on the UK Parliament website. The financial secretary...

The OECD Secretary-General has published his tax report to the 26 February 2021 online meeting of G20 finance ministers. The report is set out two sections (1) international tax, and (2) transparency and exchange of tax information.The international...

The UK has agreed to the EU’s proposed two-month extension of the provisional application of the Trade and Cooperation Agreement (TCA) pending formal ratification by the EU institutions. The UK government hopes that there will be no further extension...

HMRC has updated the list of notices made under the Taxation (Cross-border Trade) Act 2018 to add a new section 3 ‘Form of customs declaration – Royal Mail Group’ that has the force of law under TCBTA 2018 Sch 1 para 4. This sets out the customs...

The 2021 Spring Budget missed an opportunity to develop tax policy to set the UK on the road towards its 2050 net-zero emissions target, says law firm Pinsent Masons. Although the Budget confirmed the Government’s intention to issue the first ‘green...

Alongside the extension to 30 September 2021 of the temporary 5% reduced rate of VAT for supplies in the hospitality and accommodation sectors, the Budget announced a new 12.5% VAT rate which will apply from 1 October 2021 until 31 March 2022....

The Scottish Rates of Income Tax (Consequential Amendments) Order, SI 2021/190, amends F(No. 2)A 2005 s 7(5A) to ensure that Scottish taxpayers who receive a social security pension lump sum are taxed at the highest Scottish rate that would be...

The Employment Rights Act 1996 (Coronavirus, Calculation of a Week’s Pay) (Amendment) Regulations, SI 2021/177, amend the Employment Rights Act 1996 (Coronavirus, Calculation of a Week’s Pay) Regulations, SI 2020/814, regs 2 and 3 following the...