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The CIOT publishes updated note, prepared by the CIOT, STEP and ICAEW, on HMRC’s approach to the treatment of loans secured on foreign income or gains by remittance basis users

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

HMRC has published pension schemes newsletter 138, to update stakeholders on the latest news and updates regarding pension schemes.

These Regulations provide for an exemption from income tax on income earned in the UK by certain non-resident accredited individuals in connection with the 2022 Birmingham Commonwealth Games.

These Regulations provide for an exemption from income tax on income earned from activities in the UK in connection with the Finalissima Football Match between Italy and Argentina which is due to be held in London in June.

HMRC’s Stakeholder Digest (27 April 2022) provides a round-up of the latest news and updates including information on the tax credit renewals, use of a new online service to report fraud and information on the International Tax Enforcement Summit which is to be held in May 2022.

These Regulations provide for an exemption from income tax on income earned from activities in the UK in connection with the UEFA Women’s Euro 2022 finals tournament which is due to be held in England in July.

These regulations amend the Taxation of Securitisation Companies Regulations 2006, SI 2006/3296 (TSCR). The TSCR introduced new tax rules with effect from accounting periods beginning on or after 1 January 2007 for securitisation companies involved in the securitisation of financial assets.

These Regulations amend the International Tax Compliance Regulations 2015, SI 2015/878 (the principal Regulations) to bring additional international exchange arrangements within scope. The principal Regulations apply to arrangements entered into by the UK by a given date. This date is periodically extended, this time to 20 April 2022.

The First-tier Tribunal (FTT) has published guidance on taking oral evidence from abroad.

The Pensions and Lifetime Savings Association (PLSA) has issued additional information on HMRC’s GMP equalisation guidance on pensions tax considerations when equalising benefits for the effects of inequalities in GMPs. PLSA clarifies the tax treatment of the interest element, particularly in relation to tax due and responsibilities of pension schemes to deduct the tax due at the source.

HMRC has launched a consultation seeking views on legislative proposals to extend an existing concession that removes trusts and estates from Income Tax where the only source of income is savings interest and the tax liability is below £100. Trustees and personal representatives with experience of low-income trusts and estates are called to respond. The consultation closes at 11:45pm on 18 July 2022.

HMRC has published the April 2022 edition of the HMRC Trusts and Estates Newsletter.

The ATT has shared an update on how HMRC is recovering Self-Employment Income Support Scheme (SEISS) grants where taxpayers need to repay some or all of their grant.

HMRC has published Agent Update issue 95 (April 2022) providing a round-up of recent developments for tax agents and advisers.

HMRC has updated its guidance on settling disguised remuneration with the latest information to help taxpayers settle their liabilities, and with HMRC’s operational plans for April 2022 to March 2023.

HMRC has updated its guidance on using Making Tax Digital for income tax, adding information to the 'Who can use Making Tax Digital for Income Tax' section about circumstances where users are not yet able to sign up for it.

HMRC’s Stakeholder Digest (11 April 2022) provides a round-up of the latest news and updates including information on the Ukraine tax relief and guidance, Extending Making Tax Digital (MTD) to all VAT registered businesses and the introduction of the new 64-8 agent authorisation form.

The Department for Business, Energy & Industrial Strategy (BEIS), in partnership with HM Treasury and HMRC sought views on the introduction of a UK re-domiciliation regime, which would make it possible for foreign-incorporated companies to re-domicile and therefore easier to relocate to the UK. The consultation closed on 7 January 2022. BEIS has now published a summary of the responses received.

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