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HMRC has published Agent Update issue 85 (June 2021) providing a round-up of recent developments for tax agents and advisers.

The Law Society has responded to HMRC’s consultation seeking views on ways to help taxpayers get their offshore tax right first time. The Society agrees that the use of offshore data to inform HMRC’s communications and prompts to taxpayers, and particularly to agents, could promote compliance but advises caution where data is incomplete or misleading.

HMRC has published the synthesised text of the UK’s double taxation treaty with Albania, as modified by the BEPS Multilateral Instrument (MLI).

These Regulations are supplementary to the legislation in Finance Act 2021 that provides for a temporary extension to the trading loss carry back rules from 12 months to three years for companies and unincorporated businesses.

HMRC has published Spotlight 58 – tax avoidance arrangement attempting to avoid corporation tax, income tax and National Insurance contributions (NICs) by using unfunded pension arrangements.

14 June 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

HMRC has updated its guidance for companies on claiming relief from corporation tax for trading losses by inserting a new section about the temporary extension to carry back of trade losses.

HMRC has updated its guidance to section 1.10 to say how CIS payments and deductions should be reported to HMRC for individual traders and partnerships.

Finance Act 2021

HMRC has published its bi-monthly magazine providing the latest information on payroll-related topics for employers and agents.

The Law Society has responded to HMRC’s consultation on a range of new measures to disrupt the business models relied on by promoters of tax avoidance.

7 June 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

G7 Finance Ministers strike agreement on global tax reform that will mean the largest multinational tech giants will pay their fair share of tax in the countries in which they operate.

The OECD has published the public comments received on proposed changes to commentaries in the OECD Model Tax Convention on Article 9 and related articles.

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

The Government has responded to the House of Commons Treasury Committee’s report ‘Tax after Coronavirus’, published in March 2021.

The European Tax Observatory has published its first report 'Closing the Tax Gap for Multinational Enterprises: Simulations for the European Union'. This report estimates the amount of tax revenue that the European Union could raise if it were to impose a minimum tax on the profits of multinational companies.

The OECD has published a new report highlighting the crucial role of tax transparency and the exchange of information (EOI) in helping African governments to stem illicit financial flows and increase domestic resource mobilisation.

HMRC has published the Australia-UK memorandum of understanding (MOU) on arbitration under Part VI of the Multilateral Instrument.

31 May 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.