NEWS

Recent developments in tax.

HMRC’s latest guidance includes:The Treasury has updated its advisory notice regarding the risks posed by jurisdictions with unsatisfactory money laundering and terrorist financing controls.Updated Coronavirus Job Retention Scheme (CJRS) guidance to...

HMRC has published Agent Update issue 86 (July 2021) providing a round-up of recent developments for tax agents and advisers, including the following:changes to the CJRS grants from August 2021 and the use of updated templates for bulk...

Remaining stages of the NICs Bill have been scheduled to be taken on Monday 6 September 2021. This includes Report Stage, which is the final opportunity to consider amendments. As at 19 July, a number of amendments had been put forward by the SNP....

HMRC has updated its GAAR guidance with effect from 16 July 2021. Parts A, B, C and E of the official guidance have been updated, while Part D remains unchanged. The updates reflect the FA 2021 changes which particularly affect the application of the...

The GAAR Advisory Panel has released an opinion on a complex series of arrangements involving employee reward arrangements with contributions to a trust, a loan agreement under which the employee loans money to the manager of the trust, and loans...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.Direct taxesManual Page Comments Capital Gains Manual Updated: CG65265 Updated...

The CIOT has responded to the Treasury’s review of the Office of Tax Simplification. Key findings include:The remit of the OTS should be the simplification of the tax system, covering all taxes for which HMRC is responsible, and should extend to...

Chancellor Rishi Sunak has welcomed the progress made on international tax reform during the meetings of G20 finance ministers in Venice on 9-10 July. The G20 finance ministers fully endorsed the global tax agreement outlined in the OECD statement of...

HMRC has clarified the scope of exclusions for certain insurance policies with a surrender value from the Trust registration service (TRS). The TRS will be expanded later in the summer to accept registrations of certain non-taxable trusts. The basic...

The CIOT has published an updated set of FAQs from HMRC covering common issues encountered with the capital gains tax 30-day reporting service for UK property disposals. The FAQs cover various scenarios including those involving estimates and...

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