UK: Wales 2025-26 budget extends property tax relief, increases land transaction tax
Wales’ Cabinet Secretary for Finance has presented the draft Scottish Budget 2025-2026 on 10 December 2024. The draft budget introduces proposed changes to the land transaction tax (LTT), including a final one-year extension of the temporary
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UK: Draft Scotland 2025-26 budget increase hospitality tax relief
Scotland’s Cabinet Secretary for Finance and Local Government has presented the draft Scottish Budget 2025-2026 on 4 December 2024. The draft budget proposes various tax measures, including the extension of 100% rate relief for hospitality
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Ecuador ratifies tax treaty with UK
Ecuadorian President Daniel Noboa signed a decree ratifying the income and capital tax treaty with the UK on 13 December 2024. The agreement aims to avoid double taxation on income and capital gains between the two countries. It will apply to
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UK joins CPTPP trade bloc, anticipates GBP 2 billion annual economic boost
The UK has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a fully-fledged member on 15 December 2024, potentially boosting the UK economy by GBP 2 billion a year in the long run. This announcement was
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UK introduces statutory levy on gambling operators
The government announced taking its first steps towards strengthening gambling harm legislation on 27 November 2024, confirming plans to implement a statutory levy on gambling profits and online slot stake limits to help tackle the issue of gambling
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UK: House of Commons debates Finance Bill 2024-25
UK’s Finance Bill 2024-25, which is based on the Autumn Budget 2024, underwent its second reading debate in the House of Commons on 27 November 2024. This followed its initial introduction and first reading on 6 November 2024. The bill passed
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UK: HMRC clarifies changing filing member for Pillar Two top-up taxes account
The UK tax authority, HM Revenue & Customs (HMRC), has published guidance on a service for replacing the filing member for a Pillar Two top-up taxes account on 20 November 2024. Guidance- Replace the filing member for a Pillar Two top-up
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UK: HMRC issues guidance on paying pillar 2 top-up taxes
The UK His Majesty's Revenue and Customs (HMRC) released guidance on how and when to pay the Pillar 2 top-up taxes, covering both domestic top-up tax and multinational top-up tax, on 20 November 2024. When to pay Payments must be made no later
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UK introduces regulations for second late tax penalty
The UK government has announced new regulations regarding Penalties for Failure to Pay Tax (Schedule 26 to the Finance Act 2021) (Assessments) Regulations 2024 on 12 November 2024 aimed at tightening penalties for late tax payments. The updated
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Romania, UK sign new income tax treaty
Officials from Romania and the United Kingdom signed a new income and capital tax treaty on 13 November 2024. The agreement will come into force once the ratification instruments have been exchanged. Upon becoming effective, it will supersede
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Korea, UK negotiate enhanced FTA
A release from the Ministry of Trade, Industry and Energy of the Republic of Korea on 11 November 2024, announced that the third round of negotiations for an enhanced free trade agreement (FTA) between Korea and the UK is taking place in Seoul
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UK: HMRC publishes new guidelines for patent box computations assistance
The UK tax authority, His Majesty's Revenue & Customs (HMRC) has released new guidelines to assist with Patent Box computations GfC9, on 7 November 2024, to address common errors in Patent Box computations. The aim is to improve compliance by
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Romania approves signing of new tax treaty with UK
Romania’s government has approved the signing of a new income tax treaty with the UK on 7 November 2024. This new income tax treaty will supersede the existing Romania - United Kingdom Income Tax Treaty of 1975. Previously, on 18 October
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UK: HMRC releases XML schema, related documents for digital platform reporting
UK HMRC published the Digital platform reporting XML schema and supporting documents 24 October 2024. The documents include XML schema and supporting documents and Sample XML files. The UK is signed up to the Organisation for Economic Development
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Taiwan, UK sign enhanced trade partnership arrangement
Taiwan Representative to the United Kingdom Amb. Kelly Wu-chiao Hsieh and Representative of the British Office in Taipei John Dennis, representing the Executive Yuan’s Office of Trade Negotiations and the UK Department of Business and Trade signed
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UK cuts interest rates on late payment, repayment of tax
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has announced a reduction in interest rates for late payments and repayments of tax, setting them at 7.25% (down from 7.5%) and 3.75% (down from 4.0%), respectively. This adjustment
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UK Treasury revises reporting rules for digital platforms
The UK Treasury has updated its regulations for digital platform operators on 31 October 2024. The UK Treasury introduced “The Platform Operators (Due Diligence and Reporting Requirements) (Amendment) Regulations SI 2024/1082 (Regulations SI
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UK: HMRC updates online guidance for applying for statutory tax clearances
The UK tax authority, HM Revenue & Customs (HMRC), has updated its online guidance regarding the application process for statutory tax clearances on 29 October 2024. A new page titled "Apply for statutory clearance for a transaction" provides
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