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OECD consultation on tax challenges of digitalisation

As part of the ongoing work of the OECD/G20 Inclusive Framework on BEPS to implement the Two-Pillar Solution to address the Tax Challenges Arising from the Digitalisation of the Economy, the OECD is seeking public comments on Draft Rules for Domestic Legislation on Scope under Amount A of Pillar One.

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

Updated HMRC guidance on extended loss carry-back for companies

HMRC has updated its guidance on claiming extended loss carry-back claims for companies.

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

Weekly roundup of HMRC manual changes: 4 April 2022

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

04 Apr 2022 00:00 | Published by a Tolley Corporation Tax expert

HMRC updates guidance on uncertain tax treatment notification requirements

HMRC has updated a page in its Uncertain Tax Treatment by Large Businesses manual by giving the force of law to updated guidance that details the content of a notification. New guidance has also been published on notifying HMRC about an uncertain amount of corporation tax, income tax (including PAYE) or VAT.

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

HMRC guidance: tax check for taxi, private hire or scrap metal licence applications

HMRC guidance reminds first-time licence applicants for taxi, private hire and scrap metal licences to confirm to licencing authorities that they are aware of their tax responsibilities.

31 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

SI 2022/405 The Valuation for Rating (Plant and Machinery) (England) (Amendment) Regulations 2022

These Regulations amend the Valuation for Rating (Plant and Machinery) (England) Regulations, SI  2000/540 and Schedule 6 of the Local Government Finance Act 1988. These Regulations will implement an exemption from non-domestic rates for plant and machinery used in connection with renewable generation and plant and machinery used for storage, such as rooftop solar panels and battery storage used with renewables and electric vehicle charging points (EVCP). The exemption will apply from 1 April 2022 until 31 March 2035.

31 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

Green Freeports in Scotland: bidding prospectus

The Department for Levelling Up, Housing and Communities has published the n Green Freeports in Scotland bidding prospectus which gives details on the Green Freeport model and sets out how bidders can apply in Scotland.

30 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

OECD releases IT-format to support exchange of tax information on digital platform sellers

The OECD has released a standardised IT-format to support the electronic reporting and automatic exchange of information collected under the OECD's Model Reporting Rules for Digital Platforms.

29 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

SI 2022/393 The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2022

These Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692 to substitute the list of high-risk third countries in Schedule 3ZA for a new list.

29 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

Consultation response: local variation to Welsh land transaction tax rates

The Chartered Institute of Taxation (CIOT) and the Stamp Taxes Practitioners Group (STPG) have jointly responded to the Welsh Government’s consultation on local variation to Land Transaction Tax (LTT) rates for second homes, short-term holiday lets and potentially other additional residential properties.

28 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 28 March 2022

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

28 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

Spotlight 59: Employee Bonus Schemes: Growth Securities Ownership Plan (GOSP) tax avoidance and similar schemes update

Spotlight 59 is an update to Spotlight 28 on the tax avoidance schemes used by employers to provide tax free or tax reduced rewards to their employees, like the Growth Securities Ownership Plan (GSOP).

25 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

Spring Statement 2022: tax implications

The Chancellor delivered his Spring Statement on 23 March 2022, detailing several new tax announcements.

23 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

OECD consultation on crypto-asset reporting framework and amendments to the Common Reporting Standard

The OECD has published a public consultation document concerning a new global tax transparency framework to provide for the reporting and exchange of information with respect to crypto-assets, as well as proposed amendments to the Common Reporting Standard (CRS) for the automatic exchange of financial account information between countries.

23 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

Supreme Court publishes judgment for HMRC v NCL Investments Ltd and another

The Supreme Court has published its judgment in Commissioners for Her Majesty's Revenue and Customs (Appellant) v NCL Investments Ltd and another (Respondent). The Supreme Court unanimously dismisses the appeal. The judgment is given by Lord Hamblen and Lady Rose, with whom Lord Reed, Lord Briggs and Lord Sales agree.

23 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

OECD releases the fourth peer review report on the prevention of tax treaty shopping

The OECD has published its fourth peer review report assessing the actions taken by jurisdictions to prevent tax treaty shopping and other forms of treaty abuse under Action 6 of the OECD/G20 BEPS Project.

21 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 21 March 2022

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

21 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

Late payment interest rates to be increased

HMRC has announced that the interest rates for late payments will be revised following the Bank of England’s interest rate rise from 0.50% to 0.75%.

21 Mar 2022 00:00 | Published by a Tolley Corporation Tax expert

Ukraine conflict—Jersey announces suspension of tax cooperation with Russia

The Government of Jersey has stated that all forms of tax cooperation with Russia are suspended with immediate effect. The Minister for External Relations and Financial Services, Senator Ian Gorst, stated that Jersey should not be providing the Russian government with information that can be used to increase its tax revenues. This suspension follows from a similar announcement from the UK government on Thursday 17 March 2022.

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

Ukraine conflict—UK suspends tax co-operation with Russia

The UK government has announced that it is suspending the exchange and sharing of tax information with Russia and Belarus as part of its response to the invasion of Ukraine.

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

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Exporting goods ― proof of export

Exporting goods ― proof of exportIn addition to the requirements laid down in the Exporting goods ― overview guidance note, businesses intending to zero-rate exported goods must hold satisfactory evidence that the goods have been delivered to a destination outside of the UK. If satisfactory evidence

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Special rate pool and long life assets

Special rate pool and long life assetsSpecial rate poolExpenditure on some types of plant or machinery must, if neither annual investment allowance (AIA) nor first year allowances (FYAs) are available, be allocated to a ‘special rate pool’. Expenditure to be allocated to the special rate pool

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Long service awards

Long service awardsEmployee recognition by an employer can be an important motivational tool, as well as having a positive effect on retention. Most employer awards made to an employee are treated as taxable earnings under ITEPA 2003, s 62 or as a benefit under ITEPA 2003, s 201 because they are

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