NEWS

The Kings Speech is scheduled to take place on 17 July 2024. This will mark the formal beginning of the new parliamentary session.Summer parliamentary recess was scheduled to start on 23 July. However, as the Institute of Government...

The UK’s digital services tax brought in £567m for the Exchequer in 2023, according to freedom of information data obtained by law firm DLA Piper – a significant increase over the £380m collected in 2022 and ahead of the UK government’s original...

The Guardian reports (28 June) that a Labour government would allow the temporarily increased £425,000 stamp duty land tax nil rate band threshold for first-time buyers to fall back to the default £300,000 from 1 April 2025. This is a straightforward...

Algeria has become the 103rd jurisdiction to join the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the BEPS Multilateral Instrument). The text of the Convention and positions of each...

HMRC’s latest data shows that millions of people have been brought into income tax since the personal allowance was frozen in 2021/22. The latest income tax statistics suggest that there are 37.4m income tax payers in 2024/25, up from 33m in 2021/22...

Shadow Chancellor Rachel Reeves has said that Labour will not impose VAT on private school fees retrospectively if it wins the general election.Speaking at The Times CEO Summit, Reeves said: Were not going to have a retrospective...

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

HMRC have published Measuring tax gaps 2024 setting out the tax gap statistics for 2022/23.The headline tax gap is 4.8% meaning that, of the total theoretical tax take of 823.8bn, 39.9bn was not collected. This is the first time the...

The CIOT has issued a memorandum addressing some of the technical issues that would arise on the adoption of proposed changes to the domicile rules for IHT purposes from 6 April 2025.The CIOT would support a change to a residence-based test from a...

As reported earlier this year (Tax Journal, 3 May 2024), some voluntary payments of Class 2 NICs were credited to individual NICs records late, resulting in those individuals being treated as though their contributions had been paid late and...