UK Treasury publishes 2024 spring finance bill

March 16, 2024

On 14 March 2024, the UK HM Treasury declared that it had published the Spring Finance Bill (Finance No. 2 Bill). This bill includes various provisions concerning the Spring Budget 2024 and other related measures. The 2024 Spring Finance Bill aims

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UK government enacts finance act 2024 with changes to pillar 2 global minimum tax 

March 01, 2024

On 22 February 2024, the UK government officially enacted the Finance Act 2024 after receiving royal assent on the same date. This Act enforces the previously outlined measures in the Autumn Statement 2023. The Autumn Statement was delivered on 22

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UK: Spring Budget Date Announced

February 15, 2024

The UK’s spring budget announcements will be delivered on 6 March 2024. There has been speculation that tax cuts will be a priority in the budget, as the tax burden in the UK is at a high point and a general election is due within a year.

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UK: HMRC announces public consultation on draft guidance on new rules for R&D tax reliefs 

February 10, 2024

On 9 February 2024, the UK HMRC announced the public consultation on the draft guidance, which provides modifications to the Research and Development (R&D) tax reliefs that are expected to be implemented on 1 April 2024. The deadline for

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UK: HMRC publishes transfer pricing guidance on accurate delineation of actual transactions and analysis of risk

February 02, 2024

On 30 January 2024, the UK HMRC revised its transfer pricing operational guidance by including a new section on the accurate delineation of actual transactions and the analysis of risk. The updated transfer pricing operational guidance is

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IMF Comments on UK Fiscal Position

February 01, 2024

On 30 January 2024 the IMF held a press briefing on the latest update to the World Economic Outlook. During the press briefing Pierre-Olivier Gourinchas, the Chief Economist and Director of the Research Department at the IMF, responded to

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UK: Taxpayer Perceptions of Third Party Educational Messaging

January 27, 2024

On 25 January 2024 HMRC published the results of research that was commissioned by them in relation to customer perceptions of third party educational messaging. HMRC is considering the value of educational messaging via third party intermediary

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UK: Research on Taxpayer Perceptions of Personalised Digital Prompts

January 27, 2024

On 25 January 2024 HMRC published research they commissioned into taxpayer perceptions of personalised digital prompts. HMRC is introducing new technology to increase the efficiency of the tax system. This includes a digital prompts programme to

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UK: Transfer Pricing and Diverted Profits Tax Statistics

January 26, 2024

On 25 January 2024 HMRC published the latest set of statistics relating to transfer pricing and the diverted profits tax. The latest release contains data up to end of the 2022/23 tax year. The transfer pricing work is an important part of

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UK: Statistics on Venture Capital Trusts

January 26, 2024

On 24 January 2024 the UK released statistics on Venture Capital Trust (VCT) tax relief for the year 2021/2022. The VCT scheme is one of three tax-based venture capital schemes available to investors in the UK, together with the Enterprise

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UK Autumn statement details

December 03, 2023

The UK’s autumn statement was delivered on 22 November 2023. The significant tax changes are summarised below. National insurance contributions The main rate of Class 1 employee national insurance contributions (NICs) is to be reduced from

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UK: HMRC publishes guidance on transfer pricing records for PEs

November 23, 2023

The United Kingdom (UK) HRMC has issued guidance on the transfer pricing records requirements for permanent establishments (PEs) in accordance with the amendments made by Finance (No. 2) Act 2023. The Local files and Master files requirements for

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United Kingdom: HMRC updates APA guidance

September 15, 2023

The HMRC has recently updated its guidance (INTM 422000 et seq) on Advance Pricing Agreements (APAs). The updated guidance provides more comprehensive information, particularly in terms of the formal process and HMRC's expected timeframes. These

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UK updates transfer pricing documentation requirements

August 26, 2023

The United Kingdom (UK) has published the Transfer Pricing Records Regulations 2023, which updated transfer pricing documentation requirements by introducing Local file and Master file requirements. The UK has officially updated its transfer

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UK: Statistics on Creative Industries Tax Relief

August 25, 2023

On 24 August 2023 HMRC published updated statistics for creative industries tax relief, showing that GBP 1.66 billion was paid out in tax relief for creative industries in 2021/22. The increase was due mainly to a significant rise in the amount of

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UK: HMRC announces new reporting regulations for digital platform operators (DAC7)

August 22, 2023

On 20 July 2023, the United Kingdom’s HMRC issued a policy paper outlining a comprehensive plan to establish reporting regulations for digital platform operators operating in the United Kingdom (UK). This initiative, which aligns with the OECD

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UK: Capital Gains Tax Statistics for 2022

August 04, 2023

The update on statistics for capital gains tax (CGT) released on 3 August 2023 notes that record amounts of capital gains were reported in 2021/22 and record amounts of CGT were collected. The statistics are based on the self-assessment tax returns

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United Kingdom Enacts Finance Bill 2023

July 21, 2023

On 11 July 2023, the United Kingdom (UK) Finance (No.2) Act 2023 was enacted, that incorporates provisions to adopt the Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) Pillar Two income inclusion

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