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HMRC has published the February 2024 Lifetime allowance newsletter to update stakeholders on the latest news for pension schemes.

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 2024.

Tax analysis: The Supreme Court considered a Francovich damages claim brought by the appellant against HM Treasury in respect of loss and damage which it asserted had flowed from the UK’s withdrawal of the low value consignment relief from VAT in 2012. The appellant alleged that the removal of the relief constituted a serious breach of EU law which was contrary to the Treaty on the Functioning of the European Union (TFEU) and general principles of EU law, including principles of equal treatment and proportionality. The Supreme Court rejected the claim, finding that the UK had not breached EU law and that the appellant had no reasonable grounds for the claim.

The government of Jersey is seeking views on proposals to the Common Reporting Standard (CRS) and US Financial Account Tax Compliance Act (FACTA) Regulations. These changes aim to ensure Jersey’s legal framework for the CRS remains fully in line with global expectations and to address concerns about a potential lack of clarity regarding the way certain penalties are imposed. Responses to the consultation will inform changes to the Regulations which will be considered by the States Assembly in summer 2024. The deadline for submitting comments is 18 March 2024.

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HMRC has launched a technical consultation on draft guidance for two aspects of the Research and Development (R&D) tax reliefs due to be implemented on 1 April 2024.

Details of updates to HMRC import, export and customs guidance for the period from 5 February 2024 to 12 February 2024

12 February 2024 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

The CIOT has responded to the Scottish Parliament’s Finance and Public Administration Committee call for views on the Aggregates Tax and Devolved Taxes Administration (Scotland) Bill.

These Regulations amend the provisions of the VAT Import One Stop Shop (IOSS) and the VAT One Stop Shop (OSS) simplified accounting schemes.

This Order appoints 4 March 2024 as the day on which FA 2009, ss 101, 102 come into force for the purposes of electronic sales suppression penalties.

The CIOT has responded to the consultation on the draft legislation on The Land and Buildings Transaction Tax (Miscellaneous Amendments) (Scotland) Order 2024.

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 has updated its recently published pension schemes newsletter.

HMRC has published the rates and thresholds for employers for 2024-25.

These Regulations are the second appointed day Regulations made under FA 2021, s 95.

HMRC has published Employment Related Securities (ERS) Bulletin 54.

These Regulations provide greater flexibility for recipients of statutory paternity pay. They are part of a package of legislative changes to statutory rights to paternity leave and pay.

Details of updates to HMRC import, export and customs guidance for the period from 29 January 2024 to 5 February 2024

5 February 2024 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors