NEWS

HMRC have updated their lists of late-payment and repayment interest rates, following the reduction of the bank base rate to 4.25%. With effect from 28 May 2025, the late-payment interest rate is 8.25% and the repayment rate is 3.25%, for most taxes....

The CIOT has written a letter to the new HMRC Chief Executive and First Permanent Secretary, JP Marks, to highlight some key areas of priority to help address the Exchequer Secretary’s three priorities for HMRC: closing the tax gap: by HMRC sharing...

HMRC have published issue 131 of Agent Update, reminding practitioners of the recently issued Revenue & Customs Brief 2/25 on VAT grouping within the care industry. It explains that a VAT grouping structure used by some state-regulated care providers...

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

The operation of the tax advice and compliance market in the UK could be adversely affected if the Government proceeds with its measures to tackle a small number of tax advisers who facilitate non-compliance, according to the ICAEW. In its response...

The ATT is urging the UK Government to proceed cautiously with any move towards mandatory e-invoicing, suggesting that digital invoicing should remain voluntary while the necessary infrastructure is put in place and any issues ironed out. A phased...

In some welcome news, HMRC have updated their Capital Gains Manual (at CG65356) to clarify that there is no change to their policy on the tax treatment of lump sum payments on divorce relating to the former matrimonial home. ...

The Taxation of Chargeable Gains (Gilt-edged Securities) Order, SI 2025/553, specifies 14 securities as ‘gilt-edged’ securities for the purposes of TCGA 1992 s 115, meaning that any gains on disposals of those securities are not treated as chargeable...

HMRC have updated the save as you earn scheme (SAYE) bonus rates following the Bank of England decision on 8 May 2025 to cut the bank base rate to 4.25%. SAYE bonus rates will be reduced to 0.7 for three-year contracts and 1.9 for five-year contracts...

HMRC have published Spotlight 70 to bring further attention to the use of VAT grouping arrangements by some residential care providers to enable recovery of VAT on costs which would otherwise not be recoverable. HMRC set out their approach to the VAT...