NEWS

Bowmore Wealth Group reports on the upper echelon of fiscal drag – 634,000 UK taxpayers who now find themselves paying an effective 60% rate of income tax on earnings between £100,000 and £125,140, given the effect of the withdrawal of the income tax...

Excise Duties (Miscellaneous Amendments and Revocations) Regulations, SI 2024/1262: include changes to customs warehousing (including removing the 72-hour rule restrictions), the rules on returning goods to an export shop, and customs supervised...

Upload documents and get messages for the Customs Declaration Service: updated to note that clearance for arrived goods can take longer if supporting documents are invalid or rejected, or need to be validated by another government...

Tax Journal thanks its authors for November (click on links below to view author profiles and access their contributions):Jo Bateson - Reflections on a career in taxAdam Craggs and Liam McKay - Alternative dispute resolution and mediationJo...

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

The Exchequer Secretary to the Treasury, James Murray MP, said he decided to commit to the timeframe for Making Tax Digital for Income Tax Self-Assessment following robust conversations with HMRC in the summer. He also said he took on...

HMRC have published guidance on Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) covering how to catch up with digital records and submit quarterly updates during the tax year.HMRC remind those who have signed up to the testing phase...

HMRC are attempting to make clear that, although new reporting requirements apply for online platform operators from January 2025, the tax position for individuals who sell items (or services) on those platforms remains unchanged. This appears to...

The European Commission has closed three state aid investigations into transfer pricing tax rulings granted by Luxembourg to Fiat and Amazon, and by the Netherlands to Starbucks.The Commission has adopted final decisions, closing its investigations...

The OECD has published the following new reports on tax transparency and the automatic exchange of information, summarising the work of the Global Forum in recent years:15 Years: Promoting Transparency and Cooperation – a new report on 15 years of...