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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UK: Research on Taxpayer Experience of the Profit Diversion Compliance Facility
On 7 February 2023 HMRC published the results of research commissioned in order to understand taxpayers’ experience of the Profit Diversion Compliance Facility (PDCF) and Diverted Profits enquiry process. The research was conducted through
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UK: Transfer Pricing and Diverted Profits Tax Statistics
On 7 February 2022 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 2022/22 tax year. The transfer pricing work is an important part of
See MoreUK: Statistics on Venture Capital Trusts
On 26 January 2023 the UK released statistics on Venture Capital Trust (VCT) tax relief for the year 2021/2022. By monitoring investments through the collection of relevant statistics the UK government can better assess the effectiveness of the
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UK: Experience with HMRC’s Digital Services
On 26 January 2023 HMRC published the results of research with tax agents to explore their experiences of HMRC's digital services HMRC commissioned research to give them more insight into different business models used by agents, the nature of
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UK Government Delays Introduction of Making Tax Digital for ITSA
On 19 December 2022 HMRC announced that the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) is being delayed. The mandatory use of software for taxpayers on income tax self-assessment (self-employed individuals and
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UK: Policy Paper on Tax Implications of Hybrid and Distance Working
On 20 December 2022 the UK’s Office of Tax Simplification (OTS) issued a policy paper on the tax implications of hybrid and distance working. This follows a call for evidence earlier in 2022 and consideration of the comments received from
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UK: Consultation on Transfer Pricing Records Regulations 2023
On 21 December 2022 the UK issued for consultation the draft regulations on Transfer Pricing Documentation, inviting comments from interested parties by 31 January 2023. The draft statutory instrument would require multinationals operating in the
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UK: Evaluation of Creative Industries Tax Relief
On 17 November 2022 HMRC published a research report on four creative industries tax reliefs. The report which was prepared by Ipsos in partnership with Olsberg SPI and London Economics presents the results of research into the Film Tax Relief
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United Kingdom adopts OECD TP Guidelines 2022
On 9 November 2022, the UK Official Gazette published Statutory Instrument No. 2022/1147, on transfer pricing (TP) guidelines. The statutory instrument outlines the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax
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UK: HMRC increases late payment interest rates
The UK HMRC has declared that, the Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%. HMRC interest rates are linked to the Bank of England base rate. As a consequence
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UK will increase corporation tax rate as planned
On 14 October 2022, the UK government announced that Corporation Tax will increase to 25% (currently 19%) from April 2023 as already legislated for, raising around £18 billion a year and acting as a down payment on its full Medium-Term Fiscal
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UK: Growth Plan to address high energy costs and inflation
On 23 September 2022 the UK government announced a series of measures aiming to boost economic growth. Corporation tax The planned rise in corporation tax is cancelled, so the rate of corporation tax will remain at 19%. The Annual
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Brazil and the UK Begin Negotiations for a Double Tax Agreement
Following the completion of exploratory talks, the UK and Brazil are to hold a first round of negotiations on a double taxation agreement from 12 to 16 September 2022. Brazil began accession discussions with the OECD on 25 January 2022 and has
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UK: Talks on Free Trade Agreement with the Gulf Cooperation Council
On 22 August 2022, UK and Gulf Cooperation Council (GCC) negotiating teams met for the first round of negotiations on a free trade agreement. The talks are expected to continue for around two weeks and cover all areas of the FTA focusing on the main
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UK: Negotiations for Free Trade Agreement with India
Following the conclusion of a fifth round of talks between India and the UK on a free trade agreement (FTA), a factsheet was issued by the UK’s Department of International Trade on 19 August 2022. The fifth round of negotiations involved
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UK: Statistics on Creative Industries Tax Relief
On 18 August 2022 HMRC published updated statistics for creative industries tax relief for 2021/22, showing that GBP 1.05 billion was paid out in tax relief for creative industries in 2021/22. This represented a sharp decrease in the amount of tax
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UK revises guidance on R&D tax relief for SME enterprises
On 5 August 2022, The HMRC published updated guidance on research and development (R&D) tax relief for small and medium-sized enterprises. Small or medium-sized enterprise (SME) R&D tax relief allows companies to: deduct an extra
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