NEWS

The Land and Buildings Transaction Tax (additional amount: transactions relating to second homes etc) (Scotland) Amendment Order, SSI 2024/367, increases the rate of the land and buildings transaction tax additional dwelling supplement (ADS) to 8%...

The Scottish Rates of Income Tax (Consequential Amendments) Order, SI 2024/1289, allows deficiency relief to be calculated by reference to income taxable at the Scottish advanced rate of income tax. The point of the Order is to avoid disparities in...

HMRC have published a new online tool to help individuals and employment businesses estimate take-home pay and deductions where workers are paid by an umbrella company. The tool can be used to estimate gross and net pay for a single role based on NIC...

HMRC have updated their guidance on tips, gratuities, service charges and troncs to note that, although new legislation tightened up the law around the distribution of tips with effect from 1 October 2024 (with a view to making sure tips intended for...

As reported last month (Tax Journal, 29 November), the Upper Tribunal had rejected a taxpayer’s application for anonymity in a case involving failed tax avoidance arrangements (HMRC v The Taxpayer and others [2024] UKUT 364 (TCC)).An unredacted...

HMRC have updated their guidance on VAT late-payment penalties to include details of the penalties applicable for VAT payments that are overdue by 31 days or more (ie the second penalty). A new example illustrates the penalties for payments...

HMRC’s Pension Schemes Newsletter 165 highlights the following:Pension scheme returns: reminder that, from April 2025, pension scheme returns for 2024/25 onwards will need to be filed via the Managing Pension Schemes service. Pension payments to...

The value of tax debts collected overseas on behalf of HMRC increased by 11% in the 12 months to 31 December 2023 – rising to some £3.17m, according to recent figures. This is tax collected from individuals who owed tax to HMRC in the UK before...

Bowmore Wealth Group reports on the upper echelon of fiscal drag – 634,000 UK taxpayers who now find themselves paying an effective 60% rate of income tax on earnings between £100,000 and £125,140, given the effect of the withdrawal of the income tax...

Excise Duties (Miscellaneous Amendments and Revocations) Regulations, SI 2024/1262: include changes to customs warehousing (including removing the 72-hour rule restrictions), the rules on returning goods to an export shop, and customs supervised...