ÀÏ˾»úÎçÒ¹¸£Àû

Following the agreement reached in October 2021 to a two-pillar solution to address the tax challenges arising from digitalisation and globalisation of the economy, the OECD is now launching a consultation seeking public views on a number of aspects of Pillar One and Pillar Two.

In the ever-fast-moving world of tax announcements and developments, this news pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.

HMRC has announced that the interest rates for late payments will be revised. This follows from the Bank of England’s (BoE) Monetary Policy Committee vote on 2 February 2022 to increase the BoE interest rate from 0.25% to 0.50%.

HMRC has confirmed to the CIOT that the income tax self-assessment late-filing penalty waiver (no penalties for returns filed by 28 February 2022) will also apply for the reporting of overclaimed Covid-19 grants.

The CIOT and Low Incomes Tax Reform Group (LITRG) have responded to the inquiry by the Finance Committee of the Senedd Cymru (Welsh Parliament) into the Welsh Tax Acts etc. (Power to Modify) Bill.

HMRC has published the latest versions of its employer guide to Class 1A National Insurance contributions on benefits in kind, termination payments and sporting testimonial payments (CWG5), and of its further guidance for employers on PAYE and National Insurance contributions (CWG2), the latter to be used from 6 April 2022.

The Ministry of Justice (MoJ) has welcomed an interim report on e-signatures, published by the Industry Working Group on Electronic Execution of Documents, which identifies best practice guidance based on existing technology and provides recommendations for future reform.

HMRC has published new guidance that provides information on how to value stocks and shares of someone who has died for inheritance tax purposes.

HMRC has substantially updated its disclosure of tax avoidance schemes (DOTAS) guidance. New topics covered include HMRC’s powers, introduced in the

HMRC has updated its plastic packaging tax guidance on including components in the total weight of finished plastic packaging components manufactured in or imported to the UK in the accounting period.

The Chartered Institute of Taxation (CIOT) has shared an update from HMRC which provides further details on Notices to file income tax returns incorrectly issued to non-resident corporate landlords.

HMRC has published new guidance to provide information on how National Insurance contributions (NICs) will increase when the Health and Social Care Levy comes into effect in the UK on 6 April 2022.

HMRC has published new guidance for companies on providing evidence to support their Company Tax Return for claiming creative industry tax reliefs for Corporation Tax.

The UK government is to introduce a new tax to counter the risk of businesses taking assets for their own benefit at the expense of energy supply businesses which depend on those assets and which, as a result, become insolvent, with the associated costs of maintaining energy supply passing to the state.

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

In the ever-fast-moving world of tax announcements and developments, this news pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.

The CIOT has published the latest HMRC Stakeholder Digest (26 January 2022) which provides a round-up of the latest news, including the late payment of voluntary Class 2 NICs and the delayed introduction of the new VAT penalty regime.

Finance Bill 2022 will be considered at Report Stage in the House of Commons on 2 February 2022. The government has proposed a number of amendments which are expected to be approved at this final stage for changes.

The Chartered Institute of Taxation (CIOT) has issued a response to the HMRC stakeholder consultation on Review of Double Taxation Treaties (DTTs) 2022-23.

HMRC has launched a technical consultation on draft regulations covering Freeport National Insurance contributions relief where employees’ time spent at the freeport site is limited due to a protected characteristic. The consultation runs until 17 February 2022.