½Û×ÓÊÓƵ

HMRC has updated its guidance to explain how repayment and late-payment interest rates are set.

The UK-Sweden Double Tax Convention has been republished, incorporating the new principal purpose test agreed in 2021. The revised UK-Taiwan Double Tax Agreement incorporates various changes dealing with anti-avoidance, including dispute resolution and also introduced a principal purpose test.

HMRC has issued new guidance regarding the information it may publish on tax avoidance schemes, promoters, enablers and suppliers of these schemes. This includes a ‘current list’ of named tax avoidance schemes, promoters, enablers and suppliers.

The European Commission has launched a public consultation aimed at improving withholding tax refund/relief procedures (under double tax treaties or national rules) for cross-border payments received by non-resident investors. The initiative aims to provide Member States with information to prevent tax abuse in the field of withholding taxes and, at the same time, accommodate swift and efficient processing of requests for refunds and/or relief at source procedures of the excess taxes withheld. The Commission is inviting the public and stakeholders to express their views on the problems at stake as well as on possible measures and their potential impacts. The consultation closes on 26 June 2022.

The OECD Forum on Tax Administration and with eight key partner organisations have launched the first phase of a new global Inventory of Tax Technology Initiatives (ITTI) which contains information on the use of leading technology tools and digitalisation solutions.

The Chartered Institute of Taxation (CIOT) has responded to HM Treasury and HMRC’s OECD Pillar 2 consultation on implementation.

As part of the ongoing work of the OECD/G20 Inclusive Framework on BEPS to implement the Two-Pillar Solution to address the Tax Challenges Arising from the Digitalisation of the Economy, the OECD is seeking public comments on Draft Rules for Domestic Legislation on Scope under Amount A of Pillar One.

HMRC has updated its guidance on claiming extended loss carry-back claims for companies.

4 April 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

HMRC has updated a page in its Uncertain Tax Treatment by Large Businesses manual by giving the force of law to updated guidance that details the content of a notification. New guidance has also been published on notifying HMRC about an uncertain amount of corporation tax, income tax (including PAYE) or VAT.

HMRC guidance reminds first-time licence applicants for taxi, private hire and scrap metal licences to confirm to licencing authorities that they are aware of their tax responsibilities.

These Regulations amend the Valuation for Rating (Plant and Machinery) (England) Regulations, SI  2000/540 and Schedule 6 of the Local Government Finance Act 1988. These Regulations will implement an exemption from non-domestic rates for plant and machinery used in connection with renewable generation and plant and machinery used for storage, such as rooftop solar panels and battery storage used with renewables and electric vehicle charging points (EVCP). The exemption will apply from 1 April 2022 until 31 March 2035.

The Department for Levelling Up, Housing and Communities has published the n Green Freeports in Scotland bidding prospectus which gives details on the Green Freeport model and sets out how bidders can apply in Scotland.

The OECD has released a standardised IT-format to support the electronic reporting and automatic exchange of information collected under the OECD's Model Reporting Rules for Digital Platforms.

These Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692 to substitute the list of high-risk third countries in Schedule 3ZA for a new list.

The Chartered Institute of Taxation (CIOT) and the Stamp Taxes Practitioners Group (STPG) have jointly responded to the Welsh Government’s consultation on local variation to Land Transaction Tax (LTT) rates for second homes, short-term holiday lets and potentially other additional residential properties.

28 March 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

Spotlight 59 is an update to Spotlight 28 on the tax avoidance schemes used by employers to provide tax free or tax reduced rewards to their employees, like the Growth Securities Ownership Plan (GSOP).

The Chancellor delivered his Spring Statement on 23 March 2022, detailing several new tax announcements.

The OECD has published a public consultation document concerning a new global tax transparency framework to provide for the reporting and exchange of information with respect to crypto-assets, as well as proposed amendments to the Common Reporting Standard (CRS) for the automatic exchange of financial account information between countries.