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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.

HMRC has published Community Amateur Sports Club (CASC) Newsletter 2 – June 2023.

The CIOT has responded to HMRC’s consultation on Off-payroll working: calculation of PAYE liability in cases of non-compliance.

The CIOT has responded to HMRC’s consultation on tougher consequences for promoters of tax avoidance.

The House of Lords Bill was published late on 21 June 2023, incorporating all changes agreed during the Bill’s passage through the Commons.

The House of Commons Treasury Committee has published a report on Tax Simplification with several recommendations for government.

HMRC has published a new COP9 Code of Practice and updated its guidance on what happens if the offer of using the Contractual Disclosure Facility is accepted.

HMRC has published Agent Update issue 109 (14 June 2023) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers.

The Chancellor has put forward several amendments, including two new clauses, which will be considered in the House of Commons at Report Stage on 20 June 2023 (rescheduled from the original 19 June date).

HMRC has updated its standard for agents to clarify the legal position on assignments of income tax repayments received after 15 March 2023.

The government has further extended the voluntary National Insurance (NI) contribution deadline to 5 April 2025 to give taxpayers more time to fill gaps in their NI record and help increase the amount they receive in State Pension.