NEWS

HMRC have issued new guidance on managed service companies and MSC providers. Spotlight 67 outlines the characteristics of MSCs and the MSCs tax rules, and provides examples to help identify avoidance schemes. The guidance emphasises that the MSC...

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

Analysis published by the Institute for Fiscal Studies suggests that increases in the top rate of Scottish income tax may have led to reduced revenues for the Scottish Government. The top rate of tax is set at 48% in 2024/25 and applies to taxable...

The National Insurance Contributions (Secondary Class 1 Contributions) Bill was published on 13 November 2024, and will make the following changes from 6 April 2025: increase the main Class 1 secondary rate of NICs to 15% (up from 13.8%); reduce the...

As reported last week, regulations are required to address a potential gap in the legislation which introduced late-payment penalties under the harmonised penalty regime for Making Tax Digital. With the relevant empowering provisions now in force...

The Energy (Oil and Gas) Profits Levy (Energy Security Investment Mechanism) Regulations, SI 2024/1175, set out how the average price of oil and gas over a reference period will be calculated for the purposes of the energy security investment...

The ATT highlights HMRC’s Autumn Budget 2024 consultation on Simplifying the Taxation of Offshore Interest. The consultation considers the challenges of offshore interest being reported to both taxpayers and HMRC on a calendar-year basis, and the...

The Pensions (Abolition of Lifetime Allowance Charge etc) (No 3) Regulations, SI 2024/1167, make further changes to the substantive pensions legislation (mainly FA 2004 Sch 29 and 36) in consequence of the abolition of the lifetime allowance. The...

In an important addition to their guidance on the VAT treatment of payments linked to private school fees, HMRC have provided new notes and examples covering situations where pupils receive therapy services in addition to education. The new section...

HMRC have added the UK-Romania double taxation agreement, as signed on 13 November 2024, to their collection of tax treaties. This new agreement has not yet been brought into force, but will eventually replace the previous 1975 agreement between the...