NEWS

The CIOT has writtento HMRC on the extension of the loans to participators tax charge in situations where the loan is made to a third party and then passed on to the participator (CTA 2010 s 459). Although aimed at avoidance arrangements, the...

The Labour Party will not reintroduce the pensions lifetime allowance if it wins the general election, reports BBC News. Rachel Reeves had previously suggested that the LTA would be brought back, with certain exceptions for some key workers (NHS...

Responding to the recently closed Treasury/HMRC consultation on the introduction of a carbon border adjustment mechanism (CBAM), while welcoming broad principles, the ICAEW cautions that businesses will need more time. The proposed five-month...

The OECD Inclusive Framework on BEPS has published new, additional guidance on Amount B of Pillar One covering the following two points:1. Definitions of qualifying jurisdictions within the meaning of sections 5.2 and 5.3 of the Amount B guidance:...

The general election appears to have delayed the likely implementation of the new failure to prevent fraud offences which were included in the Economic Crime and Corporate Transparency Act 2023 (s 199 onwards). Regulations to bring the relevant...

Disclosures of untaxed offshore assets under HMRC’s Worldwide Disclosure Facility (WDF) increased by 146% to 5,400 in the year to 5 April 2023, report accounting and business advisers Lubbock Fine. Voluntary disclosure under the WDF generally means...

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

The main UK political parties have published their general election manifestos, with a variety of tax announcements included (sometimes hidden) in the detail. Some of the more eye-catching points from the Liberal Democrat and Conservative tax plans...

The CIOT and LITRG have proposed changes to draft regulations which would allow HMRC to issue the second late-payment penalty where the outstanding tax has not been paid in full by the end of the two-year assessment limit.HMRC had been consulting on...

Responding to HMRCs consultation, Cryptoasset Reporting Framework and Common Reporting Standard, on the UKs implementation of the OECD Cryptoasset Reporting Framework and amended Common Reporting Standard (to include the exchange of...