NEWS

HMRC have issued new guidance on paying UK Pillar Two top-up taxes (aimed at multinational companies within the UK’s multinational or domestic top-up taxes rules). The guidance covers payment deadlines and details required in order to make payments....

The government of Jersey has published an overarching automatic exchange of tax information paper which effectively launches consultations on the following three themes:introduction of legislation to implement the OECD Cryptoasset Reporting Framework...

As had been expected, following the Bank of England’s decision to cut the bank base rate to 4.75%, HMRC have now updated their interest rates which apply for late payments and overpayments of most taxes. For most taxes and payments, the late-payment...

HMRC’s latest Agent Update includes the following highlights of note:Tax administration framework review: update on the latest developments including details of planned spring 2025 consultations.Raising standards in the tax advice market: reminder of...

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...