NEWS

More than 10.7m tax returns were submitted by the 31 January deadline, according to HMRC, with an estimated 1.8m returns thought to remain outstanding. HMRC urges taxpayers to submit their returns before 28 February to avoid a late-filing penalty,...

A record £4bn in tax was deferred in the run-up to the 31 January 2021 self-assessment deadline, according to data obtained by accountancy firm Price Bailey. The figures show that the value of time to pay arrangements stood at some £4.1bn at 30...

The CIOT has responded to proposed changes to penalties for failing to take corrective action in response to receiving follower notices (FN) as a result of using avoidance schemes. Key points from the CIOT’s response include:general agreement with...

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: CG45550 Updated...

Tax Journal thanks its authors for January (click on links below to view author profiles and access article links).

• Zoe Andrews and Mike Lane (Slaughter and May) – Tax and the City review
• Hilary Barclay (Burges Salmon) – Reflections on a career in tax
• Johan Barros (Accountancy Europe) – EU watch: the outlook for 2021
• Jenny Batchelor (Smith & Williamson)- Reflections on a career in tax
• Sandy Bhogal and Avi Kaye (Gibson, Dunn & Crutcher) – DAC 6 update: UK narrows scope of mandatory reporting
• Greg Branagan and Dominic Stuttaford (Norton Rose Fulbright) - EU freedoms in cross-border transactions
• Jason Collins and Catherine Robins (Pinsent Masons) – The key tax issues for 2021
• Oliver Dewdney (Smith & Williamson) – Back to basics: Employee ownership trusts
• Bill Dodwell (Office of Tax Simplification) - The OTS: the story so far
• James Drake-Linney, Leyla Garahan and Ben Webster (Macfarlanes) - The Supreme Court’s new approach to mistake of law claims
• Kevin Hall (Wright Hassall) and Punnit Vyas (Haines Watts) - The VAT changes to GB imports and online marketplace burdens
• Chris Holmes and Ben Handley (BDO) – Back to basics: Incorporation relief
• Tim Jarvis and Robert O’Hare (Squire Patton Boggs) – Freeports in England: the tax offering
• David Jervis, Ben Jones and Deepesh Upadhyay (Eversheds Sutherland) – DAC 6 restricted
• Donald L. Korb and Andrew Solomon (Sullivan & Cromwell) - What next for US tax policy?
• Timothy Lyons QC (39 Essex Chambers) - The EU/UK TCA: tax and customs
• Jonathan Main (MHA Moore and Smalley) – The TCA rules of origin
• Gregory Price, Piers Barclay and Thomas Schlee (Macfarlanes) - The Wealth Tax Commission’s final report
• Peter Rayney (CIOT president) – Reflections on a career in tax
• Edward Reed and Claire Tilbrook (Macfarlanes) - Private client review for January
• Ceinwen Rees (Macfarlanes) - Luxembourg convertibles: deeply discounted securities?
• Elena Rowlands, Cathryn Vanderspar and Ian Zeider (Travers Smith) - The UK asset holding company regime: what’s proposed
• Tim Sarson (KPMG) – International review
• Heather Self (Blick Rothenberg) – Self’s assessment: the tampon tax – does it matter?
• David Smith (Economics exert) - With every lockdown the fiscal hole gets bigger
• Deepesh Upadhyay (Eversheds Sutherland) – Reflections on a career in tax
• David Whiscombe (BKL) - Rialas: transfer of assets abroad
• Jack Williams (Monckton Chambers) - Colchester: when is supply a ‘supply of services for consideration’?

In February, we’ll be examining managing in-house tax risk; VAT on services post-Brexit; tax on debts releases and more. Suggestions are welcome – email the editor at paul.stainforth@lexisnexis.co.uk. 

HMRC has announced that it is revising Revenue Customs Brief 12/2020, and that the updated VAT treatment set out in the brief will apply from a future date. The brief was published in September 2020 and at that time was stated to...

The government has published a call for input in relation to its review of the UK funds regime. The call for input sets out the scope and objectives of the review, which was announced in the 2020 Budget and invites stakeholders to provide views on...

The Institute for Fiscal Studies (IFS) has published a new report analysing groups of workers whose earnings have been adversely affected by the pandemic but who have not been eligible for government support. The report Who is excluded from the...

The Treasury has issued a further Direction under the Coronavirus Act 2020 to formally extend the job retention scheme. The Direction sets out the version of the scheme which will cover the period from 1 February to 30 April 2021. One key change...

The Limited Liability Partnerships (Amendment etc) Regulations, SI 2021/60, extend (with necessary modifications) temporary insolvency and restructuring measures introduced by the Corporate Insolvency and Governance Act 2020 to limited liability...