UK releases new transfer pricing compliance guidelines
The UK’s tax authority, HM Revenue & Customs (HMRC), published new transfer pricing compliance guidelines, Guidelines for Compliance—Help with common risks in transfer pricing approaches—GfC7’ (Guidelines for Compliance), on 10 September
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UK extends EIS and VCT schemes for 10 years to boost start-ups
The UK government has announced a ten-year extension for the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme, which will run until 5 April 2035. This move aims to support start-ups and entrepreneurs in driving economic
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UK to join CPTPP by 15 December’ 24
The UK Department for Business and Trade has revealed that the agreement for the UK's entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will take effect by 15 December 2024. The CPTPP, signed by 11
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UK plans higher windfall tax on North Sea oil, gas producers
The British government's plan to raise the windfall tax on North Sea oil and gas producers. In late July, the Labour government announced changes to the Energy Profits Levy (EPL), including increasing the tax rate from 35% to 38% starting 1
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UK: Statistics on Creative Industries Tax Relief
On 29 August 2024 HMRC published updated statistics for creative industries tax relief for 2022/23. The statistics relate to the period before the introduction of the new Audio-Visual Expenditure Credit (AVEC) which replaced the current Film,
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UK: PM warns of ‘painful’ October budget, unveils GBP 22 billion financial gap
UK Prime Minister Keir Starmer announced on Tuesday, 29 August 2024, that the forthcoming October 2024 budget would be "painful." This announcement sets the stage for government spending cuts to address a GBP 22 billion (USD 29 billion) budget
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UK to overhaul tax system with new residence-based regime
The UK government has announced changes to the tax system which aims to address perceived unfairness and enhance its international competitiveness. Effective from 6 April 2025, the outdated concept of domicile status will be eliminated, replaced by
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UK launches consultation on safe harbour anti-arbitrage rule transition to domestic law
The UK Treasury released draft legislation for consultation on implementing the transitional safe harbour anti-arbitrage rule. This initiative ensures the rule aligns with the OECD's G20 Inclusive Framework's December 2023 Administrative
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UK: HMRC revises guidance on multinational, domestic top-up taxes
The UK HMRC released updated guidance on ‘How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax’ on 6 August, 2024. HMRC online service HMRC is developing a new online service to enable businesses to meet their MTT
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UK, Ecuador sign first income tax treaty
The United Kingdom and Ecuador signed their first ever income tax treaty on 6 August 2024. The agreement must now be ratified by both countries before it can enter into force. A tax treaty is a bilateral agreement between two countries to resolve
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UK: HMRC publishes digital platform reporting guidelines
The UK HMRC published a guidance on Reporting rules for digital platforms on the UK’s implementation of the OECD’s Model Rules for Platform Reporting, on 1 August 2024, outlining the reporting requirements for individuals selling goods or
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UK increases energy profits levy rate, eliminates main investment allowance
UK HM Treasury has released a policy paper detailing changes to the Energy Profits Levy (EPL), which involve raising the EPL rate and eliminating the investment allowance. The Energy (Oil and Gas) Profits Levy (EPL) was introduced in May 2022 to
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UK revises late payment interest rates
The UK HMRC has announced a revision of late payment and repayment interest rates following the Bank of England's recent cut to the base rate from 5.25% to 5.0% on 1 August 2024. New interest rates Late payment interest rate: From 20 August,
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UK announces autumn budget date, tax policy
The UK Chancellor of the Exchequer, Rachel Reeves, revealed that the first budget of the new government will be revealed on 30 October, 2024. It will be presented alongside the new economic and fiscal forecasts on the same date. The announcement
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UK issues guidance on preparation of Multinational Top-up Tax, Domestic Top-up Tax
The UK HMRC issued guidance on How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax. In October 2021, the UK and over 135 other countries agreed as part of the OECD Inclusive Framework to a two-pillar solution to reform the
See MoreUK: Tax Gap for 2022/23
On 20 June 2024 HMRC published details of the UK’s tax gap for 2022/23. 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 revises arbitration rules under BEPS MLI
The OECD has released documents related to information on the United Kingdom’s arbitration position under Part VI of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Part VI
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UK enacts Finance (No. 2) Act 2024 with Spring Budget 2024 measures
The UK enacted the Finance (No. 2) Act 2024 after receiving royal assent on 24 May, 2024. This legislation implements several measures announced in the 2024 Spring Budget. The annual charge for income tax for the 2024-25 tax year and the
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