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HMRC has published agent update: issue 119 (17 April 2024) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers.

The CIOT has advised that, following continued risking of the Pandora Papers data, a further tranche of letters is being issued by HMRC to some wealthy individuals from the week commencing 8 April 2024, and they will include an extended response period of 60 days.

HMRC has issued new guidance on how to work out the number of quarters when inheritance tax is charged on a trust for certain chargeable events.

HMRC has published its Trusts and Estates Newsletter for March 2024.

HMRC has confirmed that proposals to reduce the availability of several taxpayer helplines have been put on hold.

Finance (No 2) Bill was published on 13 March 2024.

The 6 March 2024 Spring Budget announced a further 2 percentage point cut in NICs for employees and the self-employed, although the income tax thresholds remain frozen. The government is also consulting on potential regulation of the tax advice market.

The Scottish Parliament has approved the 2024-25 Scottish Budget.

These Regulations provide for exemptions from income tax and capital gains tax (CGT) for payments made under three compensation schemes.

Royal Assent to the Finance Act was notified in the House of Lords on 22 February 2024

HMRC has published Agent Update issue 117 (21 February 2024) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers.

HMRC has launched a consultation to welcome views on how a range of topics relating to HMRC鈥檚 enquiry and assessment powers, penalties, and safeguards could be reformed.

Finance Bill 2024 has cleared all House of Commons stages and will next move to the House of Lords. The Lords version of the Bill is now available.

HMRC鈥檚 latest Digest (30 January 2024) provides short updates on various topics, including an enforcement notice on misleading repayment agent adverts and changes to paternity leave and pay from 8 March 2024.

The UK Supreme Court (UKSC) has published a practice note issued by President of the Supreme Court and Chairman of the Judicial Committee, Lord Reed, on 22 January 2024, in respect of the UKSC and Judicial Committee of the Privy Council (JCPC). Lord Reed has noted that the UKSC and JCPC have made substantive changes in the UKSC and JCPC Practice Direction (PD) 3 on applications for permission to appeal; JCPC PD 4 on notice of appeal; UKSC and JCPC PD 6 on the appeal hearing; and UKSC and JCPC PD 7 on applications, documents, forms and order. These changes are effective from 22 January 2024.

These regulations amend regulation 33(3)(a) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692 to redefine 鈥淗igh-Risk Third Countries鈥� (鈥淗RTCs鈥�) as those countries identified by the Financial Action Task Force ("FATF鈥�) in the lists the FATF publish from time to time, as 鈥淗igh-Risk Jurisdictions Subject to a Call for Action鈥� and 鈥淛urisdictions Under Increased Monitoring鈥�.

HMRC has published Agent Update issue 116 (17 January 2024) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers.

The CIOT has published Finance Bill 2023-24 briefings on Corporate Taxes, Evasion and Avoidance, and VAT excise.

The government is consulting on the transparency of land ownership when trusts are involved in the ownership structure.

Finance Bill 2024 was published on 29 November 2023.