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The OECD has published its fourth peer review report assessing the actions taken by jurisdictions to prevent tax treaty shopping and other forms of treaty abuse under Action 6 of the OECD/G20 BEPS Project.

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

HMRC has announced that the interest rates for late payments will be revised following the Bank of England’s interest rate rise from 0.50% to 0.75%.

The Government of Jersey has stated that all forms of tax cooperation with Russia are suspended with immediate effect. The Minister for External Relations and Financial Services, Senator Ian Gorst, stated that Jersey should not be providing the Russian government with information that can be used to increase its tax revenues. This suspension follows from a similar announcement from the UK government on Thursday 17 March 2022.

The UK government has announced that it is suspending the exchange and sharing of tax information with Russia and Belarus as part of its response to the invasion of Ukraine.

HMRC has published Agent Update issue 94 (March 2022) providing a round-up of recent developments for tax agents and advisers.

The OECD has published commentary and illustrative examples on the model global minimum tax rules forming part of its two-pillar global tax reform plan. They are also seeking public comments on the issues that should be addressed as part the GloBE Implementation Framework.

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HMRC’s Stakeholder Digest (11 March 2022) provides a round-up of the latest news and updates including information on sending humanitarian aid to Ukraine, setting up Self Assessment payment plans by 1 April and Electronic sales suppression (ESS).

These Regulations make provision about the assessment, payment, collection and recovery of the economic crime (anti-money laundering) levy.

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

These Regulations provide the technical requirements needed to allow HMRC to administer the allowance for the Residential Property Developer Tax (RPDT) in relation to groups of companies and joint ventures.

The Economic Crime (Transparency and Enforcement) Bill received its second reading in the House of Lords on 9 March 2022 and is scheduled to complete remaining Lords stages on 14 March.

These Regulations bring certain derivative contracts entered into on or after 1 April 2022 within the scope of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations, SI 2004/3256 and amend the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations, SI 2002/1970 to allow certain debits and credits from currency derivative contracts to be left out of account and, in certain circumstances, to be brought back into account for corporation tax purposes.

The OECD has received responses to the consultation on the draft rules for tax base determinations under Pillar One Amount A.

These Regulations make some minor amendments to the Taxation of Chargeable Gains Act 1992 (TCGA 1992) to properly reflect the renumbering of Part 1 of the TCGA when it was rewritten by Schedule 1 to the Finance Act 2019 (FA 2019).

The CIOT has produced a briefing on the Economic Crime (Transparency & Enforcement) Bill Part One: Register of Overseas Entities.

HMRC has updated its factsheet on compliance checks for large and complex businesses to include additional information on disclosure and penalties.

HMRC has published new guidance for businesses wanting to enter the QAHC regime, make a QAHC information return or make other notifications such as breach notifications.

HMRC has published new guidance on changes and issues affecting the way companies should file their Company Tax Return using the corporation tax online service.