NEWS

HMRCs proposals to make pension scheme administrators liable for reporting and payment of IHT, as part of the plans to bring pension funds within the charge to IHT from April 2027, create several problems, according to the Society of Pension...

Responding to HMRC consultation The Tax Administration Framework Review: New ways to tackle non-compliance, the CIOT suggests that HMRCs focus on specific issues that are causing problems now is potentially missing the bigger picture....

HMRC believes that as much as 10.1bn in VAT was underpaid by large businesses in 2023/24, a 20% increase of 1.99bn from 8.1bn in the previous year, law firm Pinsent Masons observes. HMRC attributes 74% of that amount (around...

The CIOT has responded to HMRCs consultation on the taxation of investment income received from overseas. Alignment of the UKs tax year with the calendar year for the purposes of overseas income would be a potential simplification,...

HMRC have published a Notice covering the following three points in relation to Making Tax Digital for Income Tax (MTD for ITSA) digital record-keeping requirements:property income and expenses arising from jointly let properties;categorisation of...

HMRC have updated their guidance on checking whether CGT is due when cryptoassets are sold, exchanged or given away. The changes add a link to separate guidance (at CG14530) on when market value should be used rather than acquisition cost for the...

The Free Zone (Customs Site No 1 Forth) Designation Order, SI 2025/26 designates Customs Site No 1 within the Forth Green Freeport in Scotland as a customs free zone. Designation has effect from 14 January 2025 for a period of ten years. Free zones...

The Inclusive Framework on BEPS has released a compilation of ‘qualified’ domestic rules and tools to streamline the administration of the global minimum tax.The global minimum tax includes an agreed rule order that limits the application of minimum...

HMRC have published their third report on the use of Financial Institution Notices (FINs), covering the period from 1 April 2023 to 31 March 2024. HMRC summarise the report’s key findings as follows: ‘The report shows there has been a significant...

HMRC’s Agent Update for January 2025 includes the following key highlights:Changes to tax repayment claims process when agents become insolvent: HMRC have altered the process for handling repayment requests when an agent is insolvent. This means...