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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UK updates late payment interest rates
On 5 August 2022, the HMRC declared the revision of late payment and repayment interest rates following the base rate increase by the Bank of England to 1.75%. The Bank of England Monetary Policy Committee voted on 4 August 2022 to increase the
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UK: Capital gains tax statistics
On 5 August 2021 the UK released the latest annual statistics for capital gains tax (CGT) collections. The statistics are based on self-assessment tax returns that report a CGT liability. Record amounts of capital gains were reported in 2020/21
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UK: Consultation on Single Trade Window
On 21 July 2022 the UK government published a consultation document inviting comments on the design of a single trade window (STW) that would be an important part of the UK’s border strategy. The UK government is aiming to revise its customs
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UK: Summary of Responses to Consultation on Customs Improvements
On 25 July 2022 the UK published a summary of responses to the call for evidence on improvements to the UK customs regime. Comments were invited earlier in 2022 on how the customs system is functioning, especially in relation to the customs
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UK plans to introduce three-tiered documentation requirements
On 20 July 2022, the UK Government published draft legislation as part of the Finance Bill 2022-23 which will make it a requirement for large multinational businesses operating in the UK to keep and retain transfer pricing (TP) documentation in a
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UK: Responses to Consultation on Reporting Rules for Digital Platforms
On 20 July 2022 the UK government published a summary of responses to the consultation on the reporting rules for digital platforms and its views on the responses. The consultation document published in July 2021 invited comments on the
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