NEWS

HMRC has published new guidance Changes to legal rulings for the classification of goods from 1 January 2021. From that date, the way businesses apply for a legally binding decision on the commodity code to use for their goods will be different...

The bidding process in England to establish at least seven new freeports had opened. The Treasury expects the first freeports to open in 2021, with at least 10 across all regions of the UK.Areas given freeport status will benefit from a wide...

The Tobacco Products Duty (Alteration of Rates) Order, SI 2020/1256 increases the rates of excise duty on tobacco products to take account of inflation and the tobacco duty escalator. It also makes additional increases to the rate of duty on...

In his inaugural speech, the new president of the CIOT, Peter Rayney, called for tax avoidance schemes to be stamped out in the interests of revenue protection, consumer protection, and the reputation of the tax profession.He also...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.Direct taxesManual Page Comments Business Income Manual Added: BIM40456BIM40459 Added...

On 5 November, the UK government announced that the coronavirus job retention scheme (CJRS) will remain open until the end of March 2021, with employees receiving 80% of their current salary for hours not worked up to a monthly maximum of...

HMRC has published Regulations which will introduce changes to National insurance legislation to reflect the revisions to the off-payroll working rules for medium and large organisations outside the public sector from 6 April 2021.The Social Security...

HMRC has updated the Disguised remuneration repayment scheme 2020 document to reflect the new terms of the scheme, which include the following:applications under the scheme can now be withdrawn at any time (the document no longer refers to the date...

HMRC has published new guidance Eat out to help out scheme: receiving payments you were not entitled to on the recovery of payments made to businesses under the Eat Out to Help Out scheme. Amounts that have been overclaimed in error must be repaid to...

Responding to the second stage of the OTS general review of CGT, the CIOT highlights a number of issues:any extension of holdover relief (to introduce a general gifts relief) would need to be fully considered, including the implications for trusts...