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Government proposes amendments to Finance Bill 2024

The UK government has put forward amendments to Finance Bill 2024 provisions on R&D, the creative sector tax reliefs and the electricity generator levy, to be considered at Report Stage on 5 February 2024.

29 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

UKSC publishes Practice Note 22 January 2024

The UK Supreme Court (UKSC) has published a practice note issued by President of the Supreme Court and Chairman of the Judicial Committee, Lord Reed, on 22 January 2024, in respect of the UKSC and Judicial Committee of the Privy Council (JCPC). Lord Reed has noted that the UKSC and JCPC have made substantive changes in the UKSC and JCPC Practice Direction (PD) 3 on applications for permission to appeal; JCPC PD 4 on notice of appeal; UKSC and JCPC PD 6 on the appeal hearing; and UKSC and JCPC PD 7 on applications, documents, forms and order. These changes are effective from 22 January 2024.

26 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

SI 2024/71 The Designation of Special Tax Sites (Humber Freeport) Regulations 2024

These Regulations designate areas in Humber as freeport tax site with effect from 13 February 2024.

24 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

OECD publishes public comments on the OECD Model Tax Convention

The OECD has published the comments received from the public on the proposed changes to the Commentary on Article 5 of the OECD Model Tax Convention and its application to extractible natural resources.

23 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

HMRC updated guidance: Claiming museums and galleries exhibition tax relief for corporation tax

HMRC has updated its guidance on claiming museums and galleries exhibition tax relief for corporation tax to reflect the changes being introduced in Finance Bill 2024 from 1 April 2024.

23 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

SI 2024/69 The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations

These regulations amend regulation 33(3)(a) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692 to redefine “High-Risk Third Countries” (“HRTCs”) as those countries identified by the Financial Action Task Force ("FATF”) in the lists the FATF publish from time to time, as “High-Risk Jurisdictions Subject to a Call for Action” and “Jurisdictions Under Increased Monitoring”.

23 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

HMRC guidance: claiming audio-visual expenditure credits for corporation tax

HMRC has published new guidance on the video games and audio-visual expenditure credits for Corporation Tax.

22 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

Weekly Roundup HMRC Manuals: 22 January 2024

22 January 2024 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

22 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

OECD: Zambia joins Global Forum as 39th African member

Zambia has become the 171st member – and 39th African member – of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).

18 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

Agent update: issue 116

HMRC has published Agent Update issue 116 (17 January 2024) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers.

18 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

Consultation outcome: UK law reform in transfer pricing, permanent establishment and Diverted Profits Tax

HMRC has published responses to its consultation on proposals to reform the law in relation to transfer pricing, permanent establishment, and Diverted Profits Tax.

17 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

Weekly Roundup HMRC Manuals: 16 January 2024

16 January 2024 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

16 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

CIOT response: Finance Bill 2023-24

The CIOT has published Finance Bill 2023-24 briefings on Corporate Taxes, Evasion and Avoidance, and VAT excise.

12 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

Weekly Roundup HMRC Manuals: 8 January 2024

8 January 2024 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

08 Jan 2024 00:00 | Published by a Tolley Corporation Tax expert

HMRC consultation on Multinational Top-up Tax and Domestic Top-up Tax draft guidance

HMRC has launched a technical consultation on draft guidance on Multinational Top-up Tax and Domestic Top-up Tax in advance of implementation on 31 December 2023. The consultation closes on 7 February 2024.

21 Dec 2023 00:00 | Published by a Tolley Corporation Tax expert

SI 2023/1416 The Register of Overseas Entities (Verification and Exceptions) (Amendment) Regulations 2023

These Regulations make provision relating to exempting pension schemes from certain information disclosure requirements and amending regulations relating to the verification of information.

20 Dec 2023 00:00 | Published by a Tolley Corporation Tax expert

The Scottish Government publishes 2024-25 Budget

The Scottish Government published its 2024-25 Budget on 19 December 2023.

19 Dec 2023 00:00 | Published by a Tolley Corporation Tax expert

The Welsh Government publishes draft Budget proposals for 2024-25

The Welsh Government published its draft Budget proposals for 2024-25 on 19 December 2023.

19 Dec 2023 00:00 | Published by a Tolley Corporation Tax expert

OECD/G20 Inclusive Framework releases new information on key aspects of the Two-Pillar Solution

The OECD has released further technical guidance to assist governments with implementation of the global minimum tax under Pillar Two and a statement on the timeline of the Multilateral Convention (MLC) under Pillar One.

19 Dec 2023 00:00 | Published by a Tolley Corporation Tax expert

Weekly Roundup HMRC Manuals: 18 December 2023

18 December 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

18 Dec 2023 00:00 | Published by a Tolley Corporation Tax expert

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Premiums on the grant or surrender of a lease

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Overseas property businesses for companies

Overseas property businesses for companiesOverviewReal estate income is generally taxed where the property is located; the UK tax treaties generally allow the jurisdiction where the land is located to tax income from the land.Therefore, a UK company with overseas property may be subject to tax in

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