NEWS

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...

HMRC have published new Guidelines for Compliance GfC12 ‘Help with labour supply chain assurance’. HMRC say that the guidelines aim to:promote the importance of effective labour supply chain (LSC) assurance;provide information for businesses to...

Updated guidance:Transit newsletters — HMRC updates. The January 2025 update ‘NCTS Phase 5: multiple house consignments’ confirms implementation on 21 January 2025, by all national administrators that are members of the Common Transit Convention, of...

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

Welcome news for the Chancellor may have been in short supply in recent weeks, but figures from the 12 months to 30 September 2024 reveal that HMRC’s UK tax investigations brought in £10bn more than in the previous year – up by 28%, to £45.7bn in...