NEWS

The Taxation (Post-transition Period) Act 2020 and the United Kingdom Internal Market Act 2020 received royal assent on 17 December 2020....

HMRC has launched a consultation on proposed changes to penalties for failing to take corrective action in response to follower notices. The proposed changes would reduce the rate of follower notice penalty from 50% to 30% of the tax in dispute and...

HMRC has published Spotlight 57 highlighting tax avoidance schemes where a business enters into an agreement with a revenue service trust with offshore trustees. Under the agreement, the trust becomes entitled to a percentage of the businesss...

The House of Lords Economic Affairs Finance Bill Sub-committee has published its report on the draft Finance Bill 2021 legislation, focusing on provisions that would expand HMRCs powers to support tax compliance and tackle avoidance. The...

Direct taxes Manual Page Comments Bank Levy Manual Added: BKLM390000BKLM393000 Added guidance on loss absorbing instruments issued by overseas subsidiaries. Updated: BKLM321000,...

Agent Update: issue 81.Check when you can account for import VAT on your VAT Return: updated to cover how businesses which cannot confirm the full customs value of the goods they import can still account for import VAT on their VAT return.Transfer of...

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: CG64477 Updated...

The government introduced the Taxation (Post-Transition Period) Bill into Parliament on 8 December 2020. The Bill aims to ensure the smooth continuation of business in 2021, particularly in relation to the implementation of the Northern Ireland (NI)...

The Wealth Tax Commission has published a report which, as Lord Gus ODonnell, former Permanent Secretary to HM Treasury and head of the Civil Service, notes in the foreword, concludes that an annual wealth tax is a non-starter in the UK...

The Value Added Tax (Reduced Rate) (Hospitality and Tourism) (Extension of Time Period) (Coronavirus) Order, SI 2020/1413, extends the period during which the reduced rate for certain hospitality services will apply until 31 March 2021. The order...