UK will increase corporation tax rate as planned
On 14 October 2022, the UK government announced that Corporation Tax will increase to 25% (currently 19%) from April 2023 as already legislated for, raising around £18 billion a year and acting as a down payment on its full Medium-Term Fiscal
See More
UK: Growth Plan to address high energy costs and inflation
On 23 September 2022 the UK government announced a series of measures aiming to boost economic growth. Corporation tax The planned rise in corporation tax is cancelled, so the rate of corporation tax will remain at 19%. The Annual
See More
Brazil and the UK Begin Negotiations for a Double Tax Agreement
Following the completion of exploratory talks, the UK and Brazil are to hold a first round of negotiations on a double taxation agreement from 12 to 16 September 2022. Brazil began accession discussions with the OECD on 25 January 2022 and has
See More
UK: Talks on Free Trade Agreement with the Gulf Cooperation Council
On 22 August 2022, UK and Gulf Cooperation Council (GCC) negotiating teams met for the first round of negotiations on a free trade agreement. The talks are expected to continue for around two weeks and cover all areas of the FTA focusing on the main
See More
UK: Negotiations for Free Trade Agreement with India
Following the conclusion of a fifth round of talks between India and the UK on a free trade agreement (FTA), a factsheet was issued by the UK’s Department of International Trade on 19 August 2022. The fifth round of negotiations involved
See More
UK: Statistics on Creative Industries Tax Relief
On 18 August 2022 HMRC published updated statistics for creative industries tax relief for 2021/22, showing that GBP 1.05 billion was paid out in tax relief for creative industries in 2021/22. This represented a sharp decrease in the amount of tax
See More
UK revises guidance on R&D tax relief for SME enterprises
On 5 August 2022, The HMRC published updated guidance on research and development (R&D) tax relief for small and medium-sized enterprises. Small or medium-sized enterprise (SME) R&D tax relief allows companies to: deduct an extra
See More
UK updates late payment interest rates
On 5 August 2022, the HMRC declared the revision of late payment and repayment interest rates following the base rate increase by the Bank of England to 1.75%. The Bank of England Monetary Policy Committee voted on 4 August 2022 to increase the
See More
UK: Capital gains tax statistics
On 5 August 2021 the UK released the latest annual statistics for capital gains tax (CGT) collections. The statistics are based on self-assessment tax returns that report a CGT liability. Record amounts of capital gains were reported in 2020/21
See More
UK: Consultation on Single Trade Window
On 21 July 2022 the UK government published a consultation document inviting comments on the design of a single trade window (STW) that would be an important part of the UK’s border strategy. The UK government is aiming to revise its customs
See More
UK: Summary of Responses to Consultation on Customs Improvements
On 25 July 2022 the UK published a summary of responses to the call for evidence on improvements to the UK customs regime. Comments were invited earlier in 2022 on how the customs system is functioning, especially in relation to the customs
See More
UK plans to introduce three-tiered documentation requirements
On 20 July 2022, the UK Government published draft legislation as part of the Finance Bill 2022-23 which will make it a requirement for large multinational businesses operating in the UK to keep and retain transfer pricing (TP) documentation in a
See More
UK: Responses to Consultation on Reporting Rules for Digital Platforms
On 20 July 2022 the UK government published a summary of responses to the consultation on the reporting rules for digital platforms and its views on the responses. The consultation document published in July 2021 invited comments on the
See More
UK: Mid-Size Business Customer Survey 2021
On 18 July 2022 HMRC published the mid-sized Business Customer Survey for 2021. HMRC has commissioned a mid-sized Business Customer Survey each year since 2015 to measure general perceptions of HMRC and tax administration among mid-sized
See More
UK: Research into Value of Low-Risk Status to Businesses
On 19 July 2022 HMRC published the results of research conducted into the value of Low-Risk status to large businesses. The results of the research were used as an input into the design of the new Business Risk Review (BRR+) process that was
See More
UK: Large Business Customer Survey for 2020
On 19 July 2022 HMRC published the results of the Large Business Customer Survey for 2020. HMRC commissions the Large Business Customer Survey, conducted each year since 2015, to help assess the attitudes of business to their interaction with
See More
UK: Tax Gap for 2020/21
On 23 June 2022 HMRC published details of the tax gap for 2020/21. This is a measure of the difference between the amount of tax that should have been collected by HMRC, and the amount that was actually paid. The tax that should be collected is the
See More
UK: Survey of Awareness of Making Tax Digital
On 9 June 2022 HMRC published the results of a survey they commissioned to look at business awareness of Making Tax Digital (MTD). The research focused on VAT registered businesses that are below the threshold for VAT registration. MTD
See More