UK: HM Treasury updates carried interest tax policy ahead of 2026 changes
The UK’s HM Treasury released its Government Response and Policy Update on 5 June 2025, addressing the tax treatment of carried interest following a consultation. The UK’s HM Treasury published its Government Response and Policy Update
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J5 Australia, Canada, Netherlands, UK, and US publish report on fintech use in tax evasion and money laundering
The J5 group—Australia, Canada, Netherlands, UK, and US—has released a report examining how fintech is used to facilitate tax evasion and money laundering. The Joint Chiefs of Global Tax Enforcement (J5) released three reports today –
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UK: HMRC issues updated guidance on multinational and domestic top-up taxes
The UK HMRC updated its guidance on preparing for the Multinational Top-up Tax and the Domestic Top-up Tax on 9 June 2025. UK HMRC updated its guidance on How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax on 9 June
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UK: Scotland extends LBTT group relief provision
The legislation extends LBTT group relief to non-partition demergers and clarifies that the sub-sale relief period begins on the qualifying sub-sale date. Scotland’s government released legislation titled “The Land and Buildings Transaction
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UK, Isle of Man: Authorities collaborate to combat tax avoidance and evasion
The UK and Isle of Man Treasuries are joining forces to tackle tax avoidance scheme promoters and enhance cooperation. The UK's HM Treasury has announced a collaborative initiative with the Isle of Man Treasury to target and dismantle the
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UK proposes tighter transfer pricing rules, replacing diverted profits tax with new UTPP
The UK government will tighten transfer pricing rules and replace the diverted profits tax with a new corporation tax charge. The government has announced plans to revise the UK's international tax framework, which involves narrowing the
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EU: Council adopts VAT and tax recovery stance in UK trade deal
The Decision replaces Annex I to Decision 4/2023, which outlines standard forms for sharing information and data, exchanging information by using the Common Communication Network, and arranging contact between central liaison offices and liaison
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UK suspends new FTA negotiations with Israel, to impose sanctions on West Bank settlers
The UK Foreign Secretary, David Lammy announced yesterday, 20 May 2025, that the UK government has suspended negotiations for a new free trade agreement with Israel. This decision was made in response to Israel’s ongoing military actions in
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UK raises penalties for late payments of VAT, Making Tax Digital for Income Tax Self Assessment
The UK's HM Revenue and Customs (HMRC) has increased penalties for unpaid tax liabilities for VAT and Making Tax Digital for Income Tax Self Assessment taxpayers under the Finance Act 2021, following the introduction of Regulations SI 2025/589 made
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UK: HMRC formalises authority to extend final VAT return deadlines
His Majesty's Revenue and Customs (HMRC) has introduced Regulations SI 2025/578 granting taxpayers additional time to submit their final Value Added Tax (VAT) return following the cancellation of their VAT registration. The amendment applies to
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UK: HMRC clarifies crypto reporting rules under OECD framework from 2026
The UK tax authority (HMRC) has released new guidance on 14 May 2025 outlining reporting obligations for cryptoasset data under the OECD's Cryptoasset Reporting Framework (CARF), set to take effect from 1 January 2026. All UK-based “reporting
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UK: HMRC cuts late payment, repayment interest rates
UK’s tax authority, His Majesty’s Revenue and Customs (HMRC) has announced updated late payment and repayment interest rates in response to the Bank of England's base rate reduction from 4.50% to 4.25% on 8 May 2025. HMRC interest rates are
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US, UK announces trade deal, expands agricultural access
US President Donald Trump announced a "full and comprehensive" trade agreement between the US and the UK on Thursday, 8 May 2025. “The agreement with the UK is a full and comprehensive one that will cement the relationship between the US and
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UK expands list of tax-exempt government bonds
The UK Treasury published Order SI 2025/553 on 6 May 2025, adding more government bonds, also called "gilt-edged securities", to the list of investments exempt from capital gains tax and corporate tax. In the UK, government bonds are referred to
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New Zealand and the UK resume tax agreement negotiations
New Zealand and the UK resumed negotiations in March 2025 to finalise a new Double Tax Agreement (DTA) aimed at addressing income and capital gains tax matters. The objective is to replace the existing DTA, which was signed in 1983, with an
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UK: HMRC unveils vaping stamps, tax overhaul
The UK’s Treasury and HM Revenue and Customs (HMRC) published responses to consultations on various tax and customs matters on 28 April 2025. These include a new duty stamps scheme for vaping products, changes to customs procedures for postal
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UK: HMRC launches consultation on changes to soft drinks levy, landfill tax, stamp duty, and other fiscal measures
The UK Treasury and His Majesty's Revenue and Customs (HMRC) have launched a series of public consultations on proposed changes to a range of taxes. These include the soft drinks industry levy, landfill tax, stamp duties, and gambling duty, along
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UK: HMRC consults transfer pricing framework, permanent establishment rules, diverted profits tax
The UK’s tax authority, His Majesty’s Revenue and Customs (HMRC) has launched consultations seeking public input on potential updates to the UK’s transfer pricing framework, permanent establishment rules and the diverted profits tax on 28
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