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Treasury Minutes: July 2022 - Government response on Bounce Back Loans Scheme

In the Treasury minutes published on 19 July 2022, the government has responded, among other things, to the Public Accounts Committee (PAC) report from session 2021–2022 and 2022 – 2023 on the Bounce Back Loans Scheme.

19 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

HMRC guidance: Steps to take before registering as a professional tax agent

HMRC has published a new guidance on steps to be taken before registering as a professional tax agent.

18 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

Energy (Oil and Gas) Profits Levy Act 2022 receives Royal Assent

The

18 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

Chile: tax treaties

HMRC has published the synthesised text of the UK’s double tax convention with Chile as modified by the Multilateral Instrument (MLI).

18 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 18 July 2022

18 July 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

18 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

SI 2022/782 The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No 2) Regulations 2022

These Regulations provide a new list of high-risk third countries in relation to which enhanced due diligence requirements apply under the principal Money Laundering Regulations.

13 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

CIOT response: potential reforms to UK’s capital allowance regime

The CIOT has responded to the HM Treasury’s review of potential reforms to UK's capital allowance regime.

12 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

Updated HMRC guidance on disclosure of tax avoidance schemes

HMRC has updated its disclosure of tax avoidance schemes (DOTAS) and the disclosure of tax avoidance schemes: VAT and other indirect taxes, (DASVOIT) guidance.

11 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

OECD sets out ‘more realistic’ timetable for Pillar One

The OECD Secretary-General’s Tax Report to G20 finance ministers sets out a revised and ‘more realistic’ timetable for Pillar One, with a signing ceremony envisaged in the first half of 2023 for a multilateral convention to implement Amount A, with entry into force in 2024.

11 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 11 July 2022

11 July 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

11 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

SI 2022/770 The Corporate Interest Restriction (Electronic Communications) Regulations 2022

These Regulations require certain notices and returns relating to the corporate interest restriction to be sent to HMRC via an approved means of electronic communication.

08 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

Energy (Oil and Gas) Profits Levy Bill published

HMRC has published the Energy (Oil and Gas) Profits Levy Bill, incorporating minor changes following a short period of consultation.

08 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

HMRC Stakeholder Digest: 23 June 2022

HMRC’s latest Digest provides a round-up of recent news including the latest tax gap data, the end of CHIEF for imports, HMRC’s tax repayment agent consultation, and the new corporate interest restriction working group.

06 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

Draft Finance Bill clauses to be published on 20 July 2022

The UK government intends to publish draft legislation for Finance Bill 2023 on 20 July 2022.

06 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

CIOT submission : Land Remediation Relief

The CIOT has made a proactive submission on land remediation relief focusing on one aspect of the LRR derelict land remediation scheme: the qualifying date of 1 April 1998 for land in a derelict state.

06 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

Treasury consults on narrowing scope of sovereign immunity from direct taxation

In a new consultation, the UK government proposes to codify and narrow the tax exemption for foreign sovereign persons, limiting exemption to investment income only and potentially bringing income from other activities within the scope of UK taxation.

05 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

HMRC consults on taxation of decentralised finance involving cryptoassets

HMRC has launched a consultation on potential options for reform of the tax treatment of cryptoasset loans and ‘staking’ in the context of decentralised finance. The consultation runs until 31 August 2022.

05 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

SI 2022/754 The Taxation of Chargeable Gains (Gilt-edged Securities) Order 2022

This Order provides that the ten specified securities are 'gilt-edged securities' and therefore gains on their disposal are not chargeable gains for the purposes of capital gains tax or corporation tax on chargeable gains.

05 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

ATT questions impact of proposed capital allowances reforms on smaller businesses

The ATT cautions that proposed reforms to the capital allowances regime overlook the needs of small businesses and may detract from continued investment and growth in the UK.

01 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

SI 2022/725 Register of Overseas Entities (Verification and Provision of Information) Regulations 2022

These Regulations set out a number of requirements for information that must be provided and verified to the registrar in relation to the Register of Overseas Entities which is to be introduced by Part 1 of the Economic Crime (Transparency and Enforcement) Act 2022.

01 Jul 2022 00:00 | Published by a Tolley Corporation Tax expert

Popular Articles

Gifts out of surplus income

Gifts out of surplus incomeA valuable exemption from inheritance tax (IHT) applies to gifts out of surplus income. This exemption applies only to lifetime gifts and is therefore a key part of lifetime planning. The exemption applies to both outright gifts and gifts into trust. Gifts which meet the

14 Jul 2020 11:48 | Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP Read more Read more

Payroll record keeping

Payroll record keepingUnder SI 2003/2682, reg 97, “...an employer must keep, for not less than 3 years after the end of the tax year to which they relate, all PAYE records which are not required to be sent to [HMRC]...”. Reasons for keeping the records include:•being able to calculate tax and

14 Jul 2020 12:52 | Produced by Tolley in association with Ian Holloway Read more Read more

Indexation allowance and rebasing

Indexation allowance and rebasingThis guidance note explains the general rules surrounding the availability of indexation allowance (which was frozen at December 2017) on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview

14 Jul 2020 11:59 | Produced by Tolley in association with Jackie Barker of Wells Associates Read more Read more