UK: HMRC exercises new powers to combat electronic sales fraud
On 31 May 2022 HMRC announced that a number of businesses had been visited and some arrests made following the introduction of new powers to combat the use of electronic sales suppression (ESS) systems. Around 30 businesses, including including
See MoreUK: HMRC Data on Financial Assets Held Abroad
It was reported on 31 May 2022 that UK residents had GBP 850 billion in financial accounts overseas in 2019 (the latest year for which statistics are available) of which GBP 570 billion was based in tax havens. This data was disclosed by HMRC in
See MoreUK: Research on Plastic Packaging Tax
On 9 May 2022 the UK published research on the plastic packaging tax. The research was conducted in 2019 with businesses that are involved in handling plastic packaging. The research aimed to understand how different types of businesses handle
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UK: Delay in Payment of R&D Tax Credits
It was reported on 17 May 2022 that HMRC has suspended payment of some research and development tax relief claims because it is investigating irregularities. Most R&D tax credit claims will not be affected but some irregular claims are being
See MoreUK: Research on Benefits of Money Service Businesses
On 9 May 2022 the UK government published the results of research commissioned by HMRC to understand the economic and social benefits of the Money Service Business (MSB) sector in the UK. MSBs are businesses that allow customers to send money,
See MoreUK: Statistics for Investments under the EIS, SEIS and SITR
On 5 May 2022 the UK government published statistics for the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR). These latest statistics show the amount of funds raised by
See MoreUK: Transfer Pricing and Diverted Profits Tax Statistics
On 28 April 2022 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 2020/21 tax year. HMRC is anxious to reduce the amount of the tax gap,
See MoreUK: Spring Statement 2022
The UK’s Spring Statement 2022 was delivered on 23 March 2022. National insurance contributions From July 2022 the annual National Insurance Primary Threshold for Class 1
See MoreUK: Spring Statement to be announced on 23 March
The Chancellor of the Exchequer will deliver the Spring Statement on 23 March 2022. The Spring Statement is normally a relatively low-key summary of the state of the UK economy; but owing to various adverse economic circumstances the 2022 Spring
See MoreUK: Finance Act 2022 receives Royal Assent
On 25 February 2022 the UK Finance Act 2022 received the Royal Assent. The Act includes a number of further measures to combat promoters of tax avoidance schemes. HMRC powers HMRC is being given the power to present a winding-up petition to
See MoreUK: HMRC Seizes Non-Fungible Tokens in Fraud Investigation
The UK tax authority HMRC has for the first time seized non-fungible tokens (NFTs) in a case involving suspected fraud. NFTs serve effectively as digital ownership certificates for virtual assets (e.g. digital artwork) or physical assets (e.g.
See MoreUK: Consultation on Technical Guidance on Uncertain Tax Treatment
On 18 January 2022 the UK launched a consultation on the technical guidance in relation to the legislation on uncertain tax treatment. Comments are invited by 1 February 2022, and the government intends to publish the final version of the guidance
See MoreUK: Consultation on Implementing the Global Minimum Tax
On 11 January 2022 the UK launched a consultation on the implementation in the UK of the OECD agreement on Pillar 2, the global minimum tax. The consultation is looking for views on the implementation and administration in the UK of the OECD’s
See MoreUK: HMRC updates late payment interest rates
On 17 December 2021, the UK HMRC has announced the revision of late payment interest rates following the base rate increase to 0.25% by the Bank of England. The Bank of England Monetary Policy Committee voted on 16 December 2021 to increase the
See MoreUK: LOB Clause of US-UK treaty does not restrict unilateral foreign tax credit
Aozora GMAC Investments Limited, resident in the UK, was a subsidiary of a Japanese bank. The taxpayer made a loan to its subsidiaries in the US. Article 11(1) of the US-UK double tax treaty provided for exclusive taxation of the interest income
See MoreUK: Summary of responses to consultation on VAT exemption for land
On 30 November 2021 the UK government published a summary of responses to the consultation on aspects of the VAT exemption for land and the option to tax. A consultation paper in May 2021, asked for evidence to assess potential options for
See MoreUK: Improving the Tax Administration Framework
On 30 November 2021 the UK government published a summary of responses to the call for evidence entitled The Tax Administration Framework: Building a 21st Century Tax System. The call for evidence had been issued in March 2021. The government
See MoreUK: Amendments to Securitisation Tax Regime
On 30 November 2021 the UK government published a summary of responses to the consultation on the securitisation tax regime. The consultation paper issued on 23 March 2021 contained suggestions on the reform of the taxation of securitisation
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