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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UK considers changes to transfer pricing, advance pricing rules in Autumn Budget 2024
UK’s Chancellor of the Exchequer Rachel Reeves, in her Autumn Budget 2025 announcement on 30 October 2024, said her government is considering modernising the country’s transfer pricing rules and the advance pricing agreement system. Reeves
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UK announces 2024 autumn budget
The UK autumn budget announcements were delivered today, 30 October 2024. Corporation tax The main rate of corporation tax will stay at 25% until the next election. National insurance National Insurance contributions for employers is to
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UK: 2024-25 budget anticipation results in GBP 300 billion in bond issuance amid tax hikes and borrowing, stocks fall as energy shares slide
UK finance minister Rachel Reeves is expected to announce the highly anticipated 2024-25 budget plan to the parliament today, 30 October 2024. The budget includes the first significant tax hikes in three decades and billions of pounds in
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UK: HMRC issues notice on 2023-24 self-assessment tax returns
The UK HMRC issued a press release on 23 October 2024 reminding individual taxpayers of the imminent deadlines for self-assessment tax returns for the 2023-2024 tax year. The deadline for online submissions for tax returns for the 2023 to 2024
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UK: HMRC publishes guidance on VAT for private education providers
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has issued a guidance for private education providers regarding the upcoming obligation to charge value added tax (VAT) on school and boarding fees on 10 October 2024. This guidance
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UK: Comprehensive and Progressive Agreement for Trans-Pacific Partnership to take effect in December 2024
Douglas Alexander, Minister of State (Department for Business and Trade), in a written ministerial statement on 16 October 2024, on behalf of the UK government, confirmed UK’s accession to the Comprehensive and Progressive Agreement for
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UK consults green paper for its 2035 modern industrial strategy
The UK government has launched a public consultation on the green paper, ‘Invest 2035: the UK's Modern Industrial Strategy on 17 October 2024. This is a public consultation that will develop the new Industrial Strategy, the Government's
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UK enacts Budget Responsibility Act 2024
The UK Treasury implemented the Budget Responsibility Act 2024 on 15 October 2024, ensuring that when they announce “fiscally significant” measures, they are subject to an independent assessment by the Office for Budget Responsibility
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UK: Starmer rejects claims of 39% capital gains tax hike
British Prime Minister Keir Starmer has rejected claims that capital gains tax could rise to 39% in this month’s budget, calling the speculation "wide of the mark," in an interview with Bloomberg Television at an investment summit in
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UK, Thailand sign ETP to boost economic partnership
Thailand and the United Kingdom formalised an Enhanced Trade Partnership (ETP) in Bangkok on 18 September 2024. Trade Minister Douglas Alexander will sign the pact alongside Thai Commerce Minister Pichai Naripthaphan in Bangkok this morning as
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UK to consult Multinational Top-up Tax and Domestic Top-up Tax – further draft guidance
HM Revenue & Customs (HMRC) has initiated a public consultation on the third version of UK's Pillar Two global minimum tax rules. Comments must be submitted by 23 October 2024. HMRC released additional draft guidance for consultation
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UK: HMRC releases corporate tax registration guide for foreign companies
The UK HMRC released guidance on Corporation Tax registration for non-UK residents and non-UK incorporated companies, on 17 September 2024, outlining who is required to register and how a non-UK resident company trading in the UK through a dependent
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UK: HMRC to consult e-invoicing
The Chancellor of HMRC, Rachel Reeves, announced a public consultation on electronic invoicing (e-invoicing) on 23 September 2024. The public consultation will gather input from businesses on how HMRC can support investment in and encourage
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UK: HMRC issues new guidance for non-UK companies involved in property sector
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has released new guidance for non-UK resident companies involved in the property sector within the United Kingdom on 17 September 2024. This update is particularly important for
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UK enacts Budget Responsibility Act 2024
The UK Budget Responsibility Act 2024 received royal assent on 10 September 2024. The legislation stipulates that the Office for Budget Responsibility (OBR) must analyse any proposed Government measure deemed "fiscally significant," as well as
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UK consults on updated multinational and domestic top-up tax guidance
The UK has launched a consultation on the updated draft guidance for the Multinational Top-up Tax and Domestic Top-up Tax, which includes new and revised sections of the manual. The consultation will end on 23 October 2024. Consultation
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United Kingdom: NAO Report on Tax Evasion in the Retail Sector
On 9 September 2024 the National Audit Office (NAO) issued a report on tackling tax evasion in high street and online retail. The report examines how well HMRC understands and assesses the risk of tax evasion in retail; and looks at its strategy
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