UK: HMRC amends Pillar Two rules
The UK tax authority, His Majesty’s Revenue and Customs (HMRC), published amendments to the Finance Bill 2024-2025 on 27 January 2025, introducing changes to the UK’s Pillar Two regulations. The bill includes modifications to the Undertaxed
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UK to suspend 1994 tax treaty with Russia
The UK's tax, payments and customs authority (HMRC) has announced that the 1994 tax treaty with Russia will be suspended starting 6 April 2025 for income tax and capital gains tax. The suspension will extend to corporation tax and all other taxes
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UK: HMRC Releases 2025-2026 employer rates and PAYE tax thresholds
The UK HMRC has issued guidance on employer rates and thresholds for the 2025-2026 tax year, covering the period from 6 April 2025 to 5 April 2026 on 31 January 2025. This covers the PAYE tax rates and thresholds for 2025-2026 for England,
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UK: HMRC announces suspension of tax treaty with Belarus
The UK HMRC has announced that the 2017 tax treaty with Belarus will be suspended on 6 April 2025, for income tax and capital gains tax, and on 1 April 2025, for corporation tax and other taxes. This announcement was made by UK HM Revenue &
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UK: House of Commons votes to enshrine fiscal rules in law, strengthening economic stability
The House of Commons voted to enshrine the Charter for Budget Responsibility and the new fiscal rules into law on Wednesday, 29 January 2025. These fiscal rules provide the stability which underpins the Plan for Change and the Government’s
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UK introduces new tax regulations for self-assessment returns
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has introduced new regulations requiring taxpayers to provide additional details in their annual self-assessment tax returns. The Income Tax (Additional Information to be included in
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UK: HMRC consults multinational, domestic top-up tax guidance
The UK tax authority, HMRC, has opened a public consultation on the supplementary draft guidance regarding the Multinational Top-up Tax and Domestic Top-up Tax on 28 January 2025. This release of draft guidance contains sections on flow-through
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UK: HMRC publishes transfer pricing, diverted profits tax data for 2023-24
UK tax authority, HMRC, released a transparency data report covering statistics on transfer pricing and Diverted Profits Tax through the end of the 2023-24 tax year on 27 January 2025. The report contains data on the following: Transfer
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UK: HMRC issues guidance on corporate tax for selling business assets
UK HMRC issued guidance on Corporation Tax for selling business assets on 16 January 2025. Corporation Tax is a tax that a company or association pays to HM Revenue and Customs (HMRC) on profits in an ‘accounting period’. The amount paid
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Ecuador, UK income and capital tax treaty enters into force
The income and capital tax treaty between Ecuador and the UK entered into force 19 December 2024. Earlier, Ecuadorian President Daniel Noboa signed a decree ratifying the income and capital tax treaty with the UK on 13 December 2024. The
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UK: HMRC publishes guidance on Pillar Two budget changes
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has released the Explanatory Notes outlining the government amendments, which focus on matters related to Pillar Two, to the Finance Bill 2024-25 on 19 December 2024. The Explanatory
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UK: Wales 2025-26 budget extends property tax relief, increases land transaction tax
Wales’ Cabinet Secretary for Finance has presented the draft Scottish Budget 2025-2026 on 10 December 2024. The draft budget introduces proposed changes to the land transaction tax (LTT), including a final one-year extension of the temporary
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UK: Draft Scotland 2025-26 budget increase hospitality tax relief
Scotland’s Cabinet Secretary for Finance and Local Government has presented the draft Scottish Budget 2025-2026 on 4 December 2024. The draft budget proposes various tax measures, including the extension of 100% rate relief for hospitality
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Ecuador ratifies tax treaty with UK
Ecuadorian President Daniel Noboa signed a decree ratifying the income and capital tax treaty with the UK on 13 December 2024. The agreement aims to avoid double taxation on income and capital gains between the two countries. It will apply to
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UK joins CPTPP trade bloc, anticipates GBP 2 billion annual economic boost
The UK has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a fully-fledged member on 15 December 2024, potentially boosting the UK economy by GBP 2 billion a year in the long run. This announcement was
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UK introduces statutory levy on gambling operators
The government announced taking its first steps towards strengthening gambling harm legislation on 27 November 2024, confirming plans to implement a statutory levy on gambling profits and online slot stake limits to help tackle the issue of gambling
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UK: House of Commons debates Finance Bill 2024-25
UK’s Finance Bill 2024-25, which is based on the Autumn Budget 2024, underwent its second reading debate in the House of Commons on 27 November 2024. This followed its initial introduction and first reading on 6 November 2024. The bill passed
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UK: HMRC clarifies changing filing member for Pillar Two top-up taxes account
The UK tax authority, HM Revenue & Customs (HMRC), has published guidance on a service for replacing the filing member for a Pillar Two top-up taxes account on 20 November 2024. Guidance- Replace the filing member for a Pillar Two top-up
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