UK: Spring Statement 2022
The UK’s Spring Statement 2022 was delivered on 23 March 2022. National insurance contributions From July 2022 the annual National Insurance Primary Threshold for Class 1
See MoreUK: Spring Statement to be announced on 23 March
The Chancellor of the Exchequer will deliver the Spring Statement on 23 March 2022. The Spring Statement is normally a relatively low-key summary of the state of the UK economy; but owing to various adverse economic circumstances the 2022 Spring
See MoreUK: Finance Act 2022 receives Royal Assent
On 25 February 2022 the UK Finance Act 2022 received the Royal Assent. The Act includes a number of further measures to combat promoters of tax avoidance schemes. HMRC powers HMRC is being given the power to present a winding-up petition to
See MoreUK: HMRC Seizes Non-Fungible Tokens in Fraud Investigation
The UK tax authority HMRC has for the first time seized non-fungible tokens (NFTs) in a case involving suspected fraud. NFTs serve effectively as digital ownership certificates for virtual assets (e.g. digital artwork) or physical assets (e.g.
See MoreUK: Consultation on Technical Guidance on Uncertain Tax Treatment
On 18 January 2022 the UK launched a consultation on the technical guidance in relation to the legislation on uncertain tax treatment. Comments are invited by 1 February 2022, and the government intends to publish the final version of the guidance
See MoreUK: Consultation on Implementing the Global Minimum Tax
On 11 January 2022 the UK launched a consultation on the implementation in the UK of the OECD agreement on Pillar 2, the global minimum tax. The consultation is looking for views on the implementation and administration in the UK of the OECD’s
See MoreUK: HMRC updates late payment interest rates
On 17 December 2021, the UK HMRC has announced the revision of late payment interest rates following the base rate increase to 0.25% by the Bank of England. The Bank of England Monetary Policy Committee voted on 16 December 2021 to increase the
See MoreUK: LOB Clause of US-UK treaty does not restrict unilateral foreign tax credit
Aozora GMAC Investments Limited, resident in the UK, was a subsidiary of a Japanese bank. The taxpayer made a loan to its subsidiaries in the US. Article 11(1) of the US-UK double tax treaty provided for exclusive taxation of the interest income
See MoreUK: Summary of responses to consultation on VAT exemption for land
On 30 November 2021 the UK government published a summary of responses to the consultation on aspects of the VAT exemption for land and the option to tax. A consultation paper in May 2021, asked for evidence to assess potential options for
See MoreUK: Improving the Tax Administration Framework
On 30 November 2021 the UK government published a summary of responses to the call for evidence entitled The Tax Administration Framework: Building a 21st Century Tax System. The call for evidence had been issued in March 2021. The government
See MoreUK: Amendments to Securitisation Tax Regime
On 30 November 2021 the UK government published a summary of responses to the consultation on the securitisation tax regime. The consultation paper issued on 23 March 2021 contained suggestions on the reform of the taxation of securitisation
See MoreUK: Compliance Experience of Large Business
On 30 November 2021 the UK government published its response to the review of large businesses’ experiences of UK tax administration, taking into account the feedback received from stakeholders. The review, first announced in the Spring Budget
See MoreUK: How Businesses Understand and Claim R&D Tax Relief
Research commissioned by HMRC looked at how businesses understand and claim research and development (R&D) tax relief, and the results of the research were published on the UK government website on 30 November 2021. The research looked at
See MoreUK: Responses to Consultation on Transfer Pricing Documentation
On 30 November 2021 the UK government published a summary of responses to the consultation on transfer pricing documentation held earlier in 2021. The original consultation invited comments from interested parties on whether there should be a
See MoreUK: Small Business Attitudes to Tax Compliance and Administration
On 11 November 2021 HMRC published on its website a research report entitled Qualitative research with small businesses to explore their perceptions of tax administration burden. The paper is based on research conducted by telephone conversations
See MoreUK: New Tax Regime for Asset Holding Companies
The UK budget announcements on 27 October 2021 proposed that legislation would be included in the Finance Bill 2021/22 to set up a new tax regime for qualifying asset holding companies (QAHCs). This change is part of a broader review of the UK
See MoreUK: Further Penalties for Promoters of Tax Avoidance
The UK budget announcements on 27 October 2021 included measures targeting persistent promoters and enablers of tax avoidance schemes. The proposals aim to facilitate the process for taxpayers to identify and exit avoidance schemes. This follows
See MoreUK: Notification of Uncertain Tax Treatment for Large Businesses
The UK budget announcements on 27 October 2021 included a new requirement for large businesses to notify HMRC when they take a tax position in their returns that is uncertain. Legislation would be included in the Finance Bill defining a large
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