Peru ratifies 2025 income tax treaty with UK
Peru approved the 2025 Income Tax Treaty with the UK through Supreme Decree No. 051-2025-RE on 20 November 2025, with the ratification published in the Official Gazette on 21 November 2025. The agreement aims to mitigate tax base erosion and
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UK: HMRC urged large businesses to review of management expenses
The UK’s tax authority, HMRC has written to holding companies with overseas subsidiaries urging them to review the tax treatment of management expenses claimed where those expenses may benefit a connected party. The letters are part of an
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UK: HMRC clarifies which business expenses are deductible when calculating corporate tax
The UK’s HM Revenue & Customs (HMRC) issued guidance on 11 November 2025, explaining which business expenses companies can deduct when calculating their corporate tax. The guidance confirmed that businesses can deduct revenue expenses, also
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UK: HMRC updates transfer pricing guidance
The UK’s HM Revenue and Customs (HMRC) revised its Transfer Pricing Operational Guidance (INTM480000) on 10 November 2025. The update revises the section Searching for comparables: range of results (INTM485120), which sets out HMRC’s approach to
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UK: HMRC updates guidance on crypto reporting ahead of 2026 rules
The UK tax authority, His Majesty's Revenue & Customs (HMRC), has revised its guidance on the Crypto Asset Reporting Framework (CARF) on 5 November 2025 within the International Exchange of Information Manual, starting at IEIM800001. From 1
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Peru: Congress approved the tax treaty with the UK
Peru’s Congress approved the tax treaty with the UK on 6 November 2025. The agreement aims to mitigate tax base erosion and profit shifting by reducing withholding tax rates on cross-border income. It caps dividend withholding tax at 10%, with
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UK: HMRC updates SME R&D tax relief guidance
UK’s HM Revenue & Customs (HMRC) has updated its guidance on Research and Development (R&D) tax relief for small and medium-sized enterprises (SMEs). Updates on 13 October 2025 clarified how companies can meet the R&D intensity
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UK: HMRC reminds taxpayers of 2024–2025 self-assessment tax year deadline
HMRC has reminded taxpayers to prepare for the upcoming self-assessment deadline, noting that payments and return submissions must be completed on time to avoid penalties and interest. The UK’s HM Revenue & Customs (HMRC) reminded
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UK: Welsh government unveils 2026-27 draft budget, proposes landfill disposal tax rate increase
For 2026–27, Wales will keep existing LTT rates but revise Multiple Dwelling Relief and introduce a new refund rule for certain leased properties, while the LDT standard rate will rise in line with RPI. Wales’ Cabinet Secretary for Finance
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UK updates Pillar 2 jurisdiction list
HMRC issued an updated Notice 2 expanding the list of territories and qualifying domestic top-up taxes recognised under the Multinational Top-up Tax Regulations 2025. The UK’s HM Revenue & Customs (HMRC) released a revised Notice 2
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UK: HMRC publishes guidance on mandatory registration under CRS, FATCA
HMRC requires reporting financial institutions and trustee-documented trusts to register under CRS and FATCA by 31 December 2025, with CRS 2.0 updates affecting certain entities from 2026. UK’S HMRC has released guidance in its International
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Romania: Senate approves new tax treaty with UK
Once in force, the treaty will replace the existing Romania–United Kingdom Income Tax Treaty of 1975. The Romanian Senate approved the new tax treaty with the UK on 29 September 2025. The new agreement, signed on 13 November 2024, aims to
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UK: HMRC releases latest R&D tax credit data
HMRC reports GBP 7.6bn in R&D tax relief for 2023–24, with SME claims down and RDEC claims up. The UK’s HM Revenue and Customs (HMRC) published the latest update in its yearly series on research and development (R&D) activities on 30
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UK: HMRC introduces tool to determine qualifying R&D activities for tax relief
The tool is designed to check R&D tax relief for eligible projects. The UK’s HM Revenue and Customs (HMRC) issued guidance on 30 September 2025 introducing an online tool designed to help taxpayers assess whether a project contains
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UK: HMRC publishes 2025 corporate tax statistics
This annual report details corporate tax receipts and liabilities, categorised by company count, income, deductions, industry sector, size, and financial year. The UK tax authority, HM Revenue & Customs (HMRC), published its annual
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UK: HMRC issues guidance on PAYE addressing non-compliance in the umbrella company market
These rules are based on draft legislation and the government’s approach to tackling non-compliance in the umbrella company market. HMRC issued guidance on 17 September 2025 outlining new rules that place responsibility on recruitment agencies
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US: House Republicans call on President Trump to advocate ending UK DST
The letter mentions that, since 2020, the UK Digital Services Tax has collected over USD 3 billion, diverting economic profit from American innovators and workers to foreign coffers. US Congressman Ron Estes (R-Kansas) led 21 of his colleagues in
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Portugal, UK sign new income tax treaty
The new income tax treaty will replace the 1968 Portugal-UK tax treaty when it takes effect. Portugal and the UK signed a new income tax treaty on 15 September 2025. The agreement aims to prevent or reduce double taxation between the two
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