NEWS

HMRC have issued new guidance to accompany recent regulations (SI 2024/440) which gave effect to the new late-filing and late-payment penalties regime in relation to those who sign up to Making tax Digital for Income Tax Self-Assessment (MTD for...

HMRCs 3 April 2024 Stakeholder Digest provides a number of helpful reminders for practitioners:the open consultation on proposed options for regulation of the tax advice market which runs to 29 May 2024, and separate further consultation on...

HMRC’s Pensions Schemes Newsletter 158 (April 2024) rounds up further recent guidance on abolition of the lifetime allowance, noting that ‘information to support you to implement the LTA abolition will continue to be included in regular pension...

In a letter to the Treasury Committee, Jim Harra, HMRC Chief Executive and First Permanent Secretary, has defended HMRC’s approach to the loan charge and disguised remuneration (DR) tax avoidance schemes more generally. In his conclusions, Harra put...

HM Treasury has launched a consultation on the five percentage point increase in Audio-Visual Expenditure Credit (AVEC) and removal of the 80% cap on qualifying expenditure for visual effects costs. These are changes that were announced at Spring...

HMRC is consulting on draft regulations setting out proposed tax rules for the new reserved investor fund (RIF) and amending the tax rules for Co-ownership Authorised Contractual Schemes (CoACS). These are the regulations envisaged by clause 20 of...

The Investment Allowance and Cluster Area Allowance (Investment Expenditure) (Amendment) Regulations, SI 2024/395, amend the principal 2017 regulations (SI 2017/292) . The 2017 regulations extended the definition of investment expenditure which...

Claimants pursuing HSBC for financial loss as a result of entering into the Eclipse film investment scheme have settled, according to the law firm representing one of the claimant groups. Stewarts issued the following statement: ‘On 17 March, HSBC...

HMRC has published new basic guidance on full expensing and the 50% first-year allowance for special-rate expenditure, covering the following:checking whether a company can claim full expensing or the 50% FYA; andhow to calculate the balancing charge...

Following consultation on draft guidance on contracted out R&D activities and updated draft guidance on the new overseas rules, HMRC has ‘integrate[d] changes that have enhanced the overall quality of the guidance’. The guidance will be included in...