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HMRC has increased the interest rates for late payments of tax following the Bank of England’s decision on 5 May 2022 to increase the bank base rate from 0.75% to 1%.

The OECD is seeking public comments on the Regulated Financial Services Exclusion under Amount A of Pillar One to address the tax challenges arising from the digitalisation of the economy.

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

The Government has issued a publication aiming to kickstart a conversation with businesses on reforming the UK’s capital allowances regime.

HMRC has published new factsheet CC/FS55 about penalties for inaccurate interest restriction returns and documents.

The Chartered Institute of Taxation (CIOT) has published its comments on the HMRC’s Construction Industry Scheme (CIS): Landlord contributions to tenant works.

The OECD has received and published responses to the consultation on the extractives exclusion under Pillar One Amount A.

The United Nations (UN) has held a launch event for the 2021 version of its Model Tax Convention.

The OECD has received and published responses to the consultation on the Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard.

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

These Regulations provide an exemption from stamp duty and stamp duty reserve tax (SDRT) for the transfer of certain types of loan notes issued as part of securitisation and insurance-linked securities (ILS) arrangements.

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 OECD has received responses to the consultation on the Draft Model Rules for Domestic Legislation on Scope under Pillar One Amount A.

HMRC has published the Company Losses Toolkit for 2021-22.

Belize and Cameroon have deposited their instruments of ratification with the OECD for the BEPS Multilateral Instrument.

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.

The OECD is seeking public comments on the Extractives Exclusion under Amount A of Pillar One of the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy which introduces a new taxing right over a portion of the profit of large and highly profitable enterprises for jurisdictions in which goods or services are supplied or consumers are located.