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In the Treasury minutes published on 17 July 2023, the government has responded, among other things, to the Public Accounts Committee (PAC) report from session 2022-23 on managing tax compliance following the COVID-19 pandemic.

Hot on the heels of

17 July 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

The CIOT has published HMRC’s announcement that the downloadable paper CGT property return trial has been extended until the end of September 2023.

These Regulations exempt certain top-up payments made under the Post Office Limited’s Horizon Shortfall Scheme (HSS) from income tax, capital gains tax and Class 1 NICs.

10 July 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

Finance (No 2) Act 2023

HMRC’s Stakeholder Digest (7 July 2023) provides a round-up of recent news and updates.

These Regulations amend the Principal Regulations, SI 2016/237 Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016.

These regulations extend the deadline for paying voluntary National Insurance Contributions (NICs) for tax years between 6 April 2006 and 5 April 2018 to 5 April 2025.

The CIOT has responded to the House of Commons Public Accounts Committee (PAC) inquiry into Progress with Making Tax Digital.

HMRC is increasing the late-payment interest rate to 7.50% and the repayment rate to 4% from 11 July 2023. Interest on quarterly instalment payments of corporation tax is also increased from 3 July 2023.

HMRC has published pension schemes newsletter 151 (June 2023). In particular, the newsletter confirms that following the Spring Budget 2023 announcement that the lifetime allowance charge would be removed from 6 April 2023 and fully abolished from the 2024 to 2025 tax year, the government has amended the Finance (No. 2) Bill to make clear that any amount of a stand-alone lump sum in excess of the 5 April 2023 maximum may still be paid to the member as a stand-alone lump sum, with the excess being subject to the member’s marginal rate of Income Tax. The newsletter also provides further information on the rules that apply to the taxation of stand-alone lump sum payments and how they should be reported.

These Regulations update the list of high-risk third countries in relation to which enhanced due diligence measures are required under the principal Money Laundering Regulations.

These Regulations empower the Registrar to impose financial penalties for offences in relation to the registration of overseas entities, and apply an exception to restrictions on the registration of certain land transactions in Northern Ireland.

HMRC’s Stakeholder Digest (22 June 2023) provides a round-up of recent news and updates.

The CIOT and ATT have responded to the HMRC consultation on the taxation of decentralised finance involving the lending and staking of cryptoassets.

The Treasury has announced that the Government will publish draft clauses for the next Finance Bill on 18 July 2023.

This order specifies seven securities as gilt-edged securities and therefore gains on their disposal are not chargeable gains for the purposes of capital gains tax or corporation tax on chargeable gains.

26 June 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.