NEWS

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

Responding to HMRC’s consultation, Research and Development tax relief advance clearances, the CIOT acknowledges the policy aims of increasing certainty, improving ‘customer experience’ alongside reducing error and fraud but notes that HMRC will need...

The OECD has issued a new consolidated text of the Common Reporting Standard – the standard for the automatic exchange of financial account information in tax matters. In essence, this latest version has been expanded to cover specific electronic...

The European Parliament has approved the Carbon Border Adjustment Mechanism (CBAM) Omnibus I simplification package proposed by the European Commission, which is intended to reduce the administrative burden on businesses. It includes a new de-minimis...

HMRC have updated their guidance (International Manual at INTM333520) to reflect a change to the entitlement of EU and EEA resident companies to repayment interest. From 1 July 2025, for claims relief under a double taxation agreement, repayment...

HMRC have updated their guidance on the disclosure of tax avoidance schemes (DOTAS) regime, to reflect outcomes from recent tribunal decisions and clarify obligations for promoters and suppliers. Key changes include: para 3.2: discussion of whether a...

An OECD report recommends that the UK close tax loopholes, introduce revenue-raising measures (such as re-evaluating council tax bands based on updated property values), as well as making targeted spending cuts, in light of headwinds facing the UK...

The Draft Proceeds of Crime (Money Laundering) (Threshold Amount) (Amendment) Order 2025 was laid before both Houses of Parliament on 13 May 2025. Following approval by both Houses, the Order is expected to increase the transaction thresholds below...

Alongside regular updates, HMRC’s Pension Schemes Newsletter 170 for May includes the following points of particular interest for practitioners: Residence requirement for administrators: from 6 April 2026 all pension scheme administrators of a UK...

Tax Journal thanks its authors for May (click on links below to view author profiles and access their contributions):Rachit Agarwal, Monia Volpato and Uwe Zoellner - Lifecycle of a transaction: transfer pricing considerationsJohn Angood and James...