UK: Taxpayer Perceptions of Third Party Educational Messaging

27 January, 2024

On 25 January 2024 HMRC published the results of research that was commissioned by them in relation to customer perceptions of third party educational messaging. HMRC is considering the value of educational messaging via third party intermediary

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UK: Research on Taxpayer Perceptions of Personalised Digital Prompts

27 January, 2024

On 25 January 2024 HMRC published research they commissioned into taxpayer perceptions of personalised digital prompts. HMRC is introducing new technology to increase the efficiency of the tax system. This includes a digital prompts programme to

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UK: Transfer Pricing and Diverted Profits Tax Statistics

26 January, 2024

On 25 January 2024 HMRC published the latest set of statistics relating to transfer pricing and the diverted profits tax. The latest release contains data up to end of the 2022/23 tax year. The transfer pricing work is an important part of

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UK: Statistics on Venture Capital Trusts

26 January, 2024

On 24 January 2024 the UK released statistics on Venture Capital Trust (VCT) tax relief for the year 2021/2022. The VCT scheme is one of three tax-based venture capital schemes available to investors in the UK, together with the Enterprise

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UK Autumn statement details

03 December, 2023

The UK’s autumn statement was delivered on 22 November 2023. The significant tax changes are summarised below. National insurance contributions The main rate of Class 1 employee national insurance contributions (NICs) is to be reduced from

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UK: HMRC publishes guidance on transfer pricing records for PEs

23 November, 2023

The United Kingdom (UK) HRMC has issued guidance on the transfer pricing records requirements for permanent establishments (PEs) in accordance with the amendments made by Finance (No. 2) Act 2023. The Local files and Master files requirements for

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United Kingdom: HMRC updates APA guidance

15 September, 2023

The HMRC has recently updated its guidance (INTM 422000 et seq) on Advance Pricing Agreements (APAs). The updated guidance provides more comprehensive information, particularly in terms of the formal process and HMRC's expected timeframes. These

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UK updates transfer pricing documentation requirements

26 August, 2023

The United Kingdom (UK) has published the Transfer Pricing Records Regulations 2023, which updated transfer pricing documentation requirements by introducing Local file and Master file requirements. The UK has officially updated its transfer

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UK: Statistics on Creative Industries Tax Relief

25 August, 2023

On 24 August 2023 HMRC published updated statistics for creative industries tax relief, showing that GBP 1.66 billion was paid out in tax relief for creative industries in 2021/22. The increase was due mainly to a significant rise in the amount of

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UK: HMRC announces new reporting regulations for digital platform operators (DAC7)

22 August, 2023

On 20 July 2023, the United Kingdom’s HMRC issued a policy paper outlining a comprehensive plan to establish reporting regulations for digital platform operators operating in the United Kingdom (UK). This initiative, which aligns with the OECD

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UK: Capital Gains Tax Statistics for 2022

04 August, 2023

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

21 July, 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

20 July, 2023

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

13 July, 2023

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

27 June, 2023

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

22 June, 2023

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

21 June, 2023

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

18 June, 2023

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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