UK: Capital Gains Tax Statistics for 2022
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
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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UK: Review of Noncompliance in Research and Development Tax Relief Schemes
On 17 July 2023 HMRC published an analysis of the scale of non-compliance in the research and development (R&D) tax relief schemes and the approach taken to enforcing taxpayer compliance. The UK has two R&D tax relief schemes, a scheme
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UK amends CbC notification Requirement
On 5 July 2023, the House of Commons in the United Kingdom (UK) made a significant decision by accepting Statutory Instrument No. 752/2023 to amend tax regulations on BEPS country-by-country (CbC) notification requirement. The UK government has
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UK: Tax Gap for 2021/22
On 22 June 2023 HMRC published details of the UK’s tax gap for 2021/22. The tax gap 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
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UK: HMRC Explains Delays on MTD for Income Tax
On 20 June 2023 the head of HMRC noted in a hearing before the Public Accounts Committee (PAC) in parliament that the complexity of Making Tax Digital (MTD) had been underestimated. As a result, there had been continual delays to MTD for income
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UK: Consultation on Changes to Transfer Pricing Rules
On 19 June 2023 the UK government launched a consultation on potential reforms to the UK legislation on transfer pricing, permanent establishments, and diverted profits tax. Transfer Pricing - provision Currently section 147 TIOPA refers to a
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UK: HMRC publishes draft guidance on global minimum tax rules
On 15 June 2023, the HMRC has published partial draft guidance on multinational top-up tax and domestic top-up tax, following their introduction in the Spring 2023 Finance Bill. Multinational top-up tax is a new tax on multinational enterprise
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UK: Second Reading of Spring Finance Bill 2023
On 13 June 2023 the UK government published the Tax Information and Impact Notes for government amendments at the report stage of the Spring Finance Bill 2023. The Bill includes the following measures: Multinational Top-up tax: UK adoption of
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UK: Consultation on Voluntary Standard for Customs Intermediaries
On 5 June 2023 the UK launched a consultation looking for the views of stakeholders on a proposal to introduce a voluntary standard for customs intermediaries. Views are invited from interested parties by 30 August 2023. The consultation follows
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IMF Report Assesses the UK Economy
On 23 May 2023 the IMF issued a report following consultations with the UK under Article IV of the IMF’s articles of agreement. The report notes that the UK economy is projected to maintain positive growth in 2023, avoiding a recession owing to
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UK: Statistics for Investments under the Enterprise Investment Scheme
On 17 May 2023 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
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UK: Tax Administration – New Legislative Pilots
On 27 April 2023 the UK published a consultation document with the title The Tax Administration Framework Review - Creating Innovative Change through New Legislative Pilots. The document looks at the use of a “sandbox” piloting model
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UK: Consultation on HMRC’s Information and Data Gathering Powers
On 27 April 2023 the UK government published a consultation document with the title The Tax Administration Framework Review – Information and Data. The government requested input on HMRC’s information and data-gathering powers, and how they
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UK: More Severe Penalties for Promoters of Tax Avoidance
On 27 April 2023 the UK issued a consultation document on more severe penalties for promoters of tax avoidance, inviting comments from interest parties by 22 June 2023. Criminal offence for failure to comply with a Stop Notice The document
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UK enacts Mandatory Disclosure Rules
The OECD Model Mandatory Disclosure Rules (MDR), which require the disclosure of cross-border tax avoidance arrangements, enacted in the UK on 28 March 2023. The MDR imposes an obligation on taxpayers and advisers to provide information to the tax
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UK: Research into Taxpayer Software Decision process for MTD
On 2 March 2023 HMRC published research that they had commissioned on the taxpayer decision-making process for acquiring compatible software for operation of the Making Tax Digital (MTD) rules. Insights gained from the research will serve as input
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UK: HMRC publishes guidance on ADR procedure
On 1 February 2023, UK HMRC published Alternative Dispute Resolution (ADR) Guidance with details of an alternative dispute resolution procedure. ADR in HMRC is a flexible process in which an impartial and neutral HMRC mediator actively assists
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