UK proposes tighter transfer pricing rules, replacing diverted profits tax with new UTPP

23 May, 2025

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

See More

EU: Council adopts VAT and tax recovery stance in UK trade deal

23 May, 2025

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

See More

UK suspends new FTA negotiations with Israel, to impose sanctions on West Bank settlers

21 May, 2025

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

See More

UK raises penalties for late payments of VAT, Making Tax Digital for Income Tax Self Assessment

20 May, 2025

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

See More

UK: HMRC formalises authority to extend final VAT return deadlines

20 May, 2025

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

See More

UK: HMRC clarifies crypto reporting rules under OECD framework from 2026

19 May, 2025

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

See More

UK: HMRC cuts late payment, repayment interest rates

12 May, 2025

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

See More

US, UK announces trade deal, expands agricultural access

12 May, 2025

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

See More

UK expands list of tax-exempt government bonds

09 May, 2025

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

See More

New Zealand and the UK resume tax agreement negotiations

02 May, 2025

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

See More

UK: HMRC unveils vaping stamps, tax overhaul

02 May, 2025

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

See More

UK: HMRC launches consultation on changes to soft drinks levy, landfill tax, stamp duty, and other fiscal measures

02 May, 2025

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

See More

UK: HMRC consults transfer pricing framework, permanent establishment rules, diverted profits tax

30 April, 2025

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

See More

UK: HMRC issues new VAT grouping guidance for care sector to combat tax avoidance

30 April, 2025

The UK tax authority, His Majesty's Revenue and Customs (HMRC) has issued new guidance on VAT grouping in the care sector to curb tax avoidance. Published in Revenue and Customs Brief 2 (2025) on 24 April 2025, the update clarifies HMRC’s stance

See More

UK: HMRC launches consultation to improve dispute resolution process

30 April, 2025

The UK tax authority, His Majesty’s Revenue and Customs (HMRC) launched a public consultation on 28 April 2025 to update and improve its dispute resolution process. The initiative seeks to support taxpayers in recognising and using the most

See More

UK launches technical consultation on 2027 carbon border tax

29 April, 2025

The UK's tax authority, His Majesty’s Revenue and Customs (HMRC) has opened a technical consultation on draft primary legislation for the UK’s planned carbon border adjustment mechanism (CBAM) on 24 April 2025, which is scheduled to come into

See More

UK: HMRC urges sole traders and landlords to prepare for making tax reporting digital by April 2026

28 April, 2025

The UK tax authority, His Majesty’s Revenue and Customs (HMRC) has reminded sole traders and landlords with an income over GBP 50,000 that they have less than a year to prepare for Making Tax Digital for Income Tax (MTDIT), which takes effect on 6

See More

UK: HMRC publishes report on R&D tax reliefs, expenditure credit, patent box

28 April, 2025

The UK tax authority, His Majesty’s Revenue and Customs (HMRC) has released a report, which was commissioned to BMG, on regional data on Corporate Tax reliefs on 24 April 2025, detailing research on R&D tax relief for SMEs, the R&D

See More