NEWS

The US Senate has narrowly approved the One Big Beautiful Bill Act, with Vice-President JD Vance casting the tie-breaking vote. The legislation now returns to the House of Representatives for further scrutiny. President Trump has set a 4 July...

The International Tax Compliance (Amendment) Regulations, SI 2025/740, expand the scope of the OECD Common Reporting Standard on the automatic exchange of information to cover electronic money institutions and certain digital money products, exclude...

Tax Journal thanks its authors for June (click on links below to view author profiles and access their contributions):James Anderson and Lorenza De Domenico - The Government amendments to domestic Permanent Establishment rulesClaire Ayres -...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

HMRC have released Measuring Tax Gaps 2025, the latest tax gap estimates, covering 2023/24. Headline statistics include the overall tax gap which was 5.3% of total theoretical tax liabilities (£46.8bn), up from 4.8% (£39.8bn) in the previous...

The CIOT has responded to the Treasury consultation on advance tax certainty for major projects. Key points include: the new process should ensure a focus on key projects and issues that will impact investment decisions; it is accepted that any new...

Law firm Collyer Bristow has started proceedings for the judicial review of the Government’s decision not to consult on its proposed changes to IHT agricultural and business property reliefs, in breach of the Government’s own consultation...

Reform UK has proposed a new ‘Britannia Card’ which would reintroduce a non-dom status in return for a £250,000 fee. Funds raised each year would be pooled and paid out by HMRC as a ‘Robin Hood’ style ‘cash dividend’ to the ‘bottom 10% of working...

Revenue & Customs Brief 4/2025 on VAT deduction on the management of pension funds announces that HMRC will no longer view investment costs as being subject to dual use. Instead, all the associated input tax incurred will be seen as the employer’s...

The Scottish Government has issued its findings and a summary of responses to the consultation on Scottish aggregates tax draft administration regulations which will support the introduction and operation of the tax. The Scottish Government says that...