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Finance Act 2023

The Chartered Institute of Taxation (CIOT) has responded to the Welsh Government consultations on a discretionary visitor levy for local authorities and reforming non-domestic rates in Wales.

9 January 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

HMRC has updated its import, export and customs guidance to reflect the post-Brexit regime. The update covers the period from 19 December 2022 to 9 January 2023.

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 Autumn 2022 Finance Bill has been scheduled to receive Royal Assent on Tuesday 10 January 2023.

HMRC has published its updated list of yearly average and spot foreign exchange rates for the year to 31 December 2022.

These Regulations amend the Register of Overseas Entities (Verification and Provision of Information) Regulations, SI 2022/725 in relation to certain requirements regarding the verification of information.

HMRC has provided updates to the CIOT and ATT regarding basis period reform. The updates cover easements for provisional figures, provision of overlap relief figures and HMRC鈥檚 communications strategy.

These Regulations bring into force on 4th January 2023 those provisions of the Subsidy Control Act 2022 not already in force.

This order confers the legal capacity of a body corporate on the Inter-American Investment Corporation (鈥渢he IIC鈥�) and grants immunities and privileges to the IIC and its officers and employees.

HMRC has updated its guidance on Making Tax Digital for VAT.

This Order increases from £250 to £1,000 the threshold amount below which certain transactions can be carried out by certain businesses in operating an account for a customer without committing an offence under the Proceeds of Crime Act 2002 (POCA).

HMRC鈥檚 Stakeholder Digest (21 December 2022) provides a round-up of recent news and updates.

HMRC has published multiple guidance notes on changes to VAT penalties and interest charges.

HMRC has published Spotlight 61 about tax avoidance schemes that use remuneration trusts to reduce profits and disguise income.

HMRC has advised the ATT that the Agent Dedicated Line (ADL) will only be able to answer questions on complex SA queries in January

HMRC has published Agent Update issue 103 (December 2022) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers

We understand that following a consultation with members of the Land & Property Liaison Group, HMRC has decided to proceed with changes to the administrative process for option to tax notifications.

The Office of Tax Simplification (OTS) has published its report on the tax complexities driven by hybrid working, including for periods where employees choose to work overseas.