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CGT liabilities rose by 89% to a record £24.2bn in 2024/25 up from £12.8bn in the previous year according to HMRC’s latest statistics. Reported gains increased by 82% to £127bn while the number of taxpayers liable to CGT rose by 45% to a record 584 000. ...
HM Treasury has launched a call for evidence as part of an independent review of how pubs and hotels in England and Wales are valued for business rates. The review led by Jerry Schurder will consider whether the existing methodologies remain appropriate and how their application could be...
HMRC have published Technical Note 2 on the information-sharing and payment processes supporting the new IHT treatment of pension death benefits from 6 April 2027. The note covers five stages: notification of death and basic information; further information where an IHT account is required; withholding notices; payment notices...
In a joint response to HMRC’s consultation on extending online marketplace liability to combat non-compliance the CIOT and LITRG broadly support extending online marketplace (OMP) VAT accounting rules to sales facilitated for VAT-registered UK sellers. The rules currently apply to relevant sales by overseas businesses. They suggest that...
Responding to HMRC’s consultation on the VAT treatment of land for social housing the CIOT supports the proposal to introduce a VAT zero rate for sales of bare land intended for new social housing arguing that it would reduce contractual complexity without additional cost to the Exchequer. It...
HMRC have published new guidance on using a mass balance approach to account for chemically recycled plastic for plastic packaging tax (PPT) from 1 April 2027. Key points include: from 1 April 2027 UK manufacturers and importers of finished packaging components that want to account for chemically recycled...
The Government has published a provisional list of overseas carbon pricing schemes that meet the criteria for carbon price relief under the UK Carbon Border Adjustment Mechanism (CBAM). The list covers 16 schemes including the EU Emissions Trading System and schemes in Australia Canada China ...
HMRC have clarified when tax services provided to joint ventures and entities within other complex business structures will not trigger mandatory tax adviser registration. HMRC’s Mandatory Tax Adviser Registration Manual at MTAR10200 confirms that an in-house tax team may provide tax services to a joint venture in...
Three GAAR Advisory Panel opinions have been published concerning alleged enablers of disguised remuneration arrangements involving individuals employed through an umbrella company. Under the arrangements individuals received wages at or around the national minimum wage on which PAYE and NICs were accounted for and a second...
The ICAEW ATT and BDO have called for stronger safeguards around government proposals enabling HMRC to recover lower-value tax debts through automated deductions from taxpayers’ UK bank and building society accounts. The consultation on the proposals closed on 28 August. The proposed power would apply after HMRC’s standard...
