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

HMRC has published detailed guidance explaining how to fill in form IHT100 to inform HMRC about chargeable events when inheritance tax (IHT) is payable on a trust or gift. The guidance provides: step-by-step instructions explaining how to complete each section of form IHT100; information on when to use form IHT100; which values should be included when valuing assets, and the steps to take once all forms have been completed. There is also an important note signposting to the changes made in 2006 to the way IHT is charged which mainly affected the taxation of trusts and alternatively secured pension funds.

The First-tier Tribunal (FTT) has published guidance on taking oral evidence from abroad.

HMRC has launched a consultation seeking views on legislative proposals to extend an existing concession that removes trusts and estates from Income Tax where the only source of income is savings interest and the tax liability is below £100. Trustees and personal representatives with experience of low-income trusts and estates are called to respond. The consultation closes at 11:45pm on 18 July 2022.

HMRC has published the April 2022 edition of the HMRC Trusts and Estates Newsletter.

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

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

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

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

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

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%.

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.

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

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

The National Insurance Contributions Bill is in the final stages of progressing through Parliament. On 1 March 2022, the House of Commons considered the House of Lords’ amendments, rejecting those proposed by the opposition parties that had been accepted by the House of Lords.

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

HMRC has published new guidance on the rules for transferring the basic tax-free allowance (nil rate band) to a surviving spouse or civil partner.

Finance Act 2022

These Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692 (MLRs) to make changes to the time limits for registration of trusts and to exclude additional types of trust from the requirement to register. These Regulations come into force on 9 March 2022.

A House of Lords Library briefing paper summarises all stages in the Finance Bill’s progress through Parliament with details of all agreed amendments, together with the Lords’ Economic Affairs Finance Bill Sub-committee’s views on basis period reform and the new requirement for large businesses to notify uncertain tax treatments to HMRC.