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HMRC has updated its guidance with information on what it is doing about mini umbrella fraud.

The UK Government has outlined its proposals for a windfall tax on the extraordinary profits of oil and gas companies which will be used to support those most heavily affected by the increased cost of living.

The Chancellor of the Exchequer, Rishi Sunak MP, has made a statement in the House of Commons announcing a new package of measures in response to the rising cost of living. The measures include a new temporary Energy Profits Levy, including a new investment allowance, and a £15bn Cost of Living Support package for low-income and vulnerable households. Phil Greatrex, partner at CW Energy LLP comments on the announcement.

HMRC has informed the CIOT that the pause in some RDTC payments continues while HMRC investigates some irregular claims, which means delays to the usual processing times.

This Order widens the scope of tax legislation applying to alternative finance arrangements, specifically the purchase and resale arrangements and the diminishing shared ownership arrangements. The Order will allow both Home Purchase Plan providers that are not financial institutions but are regulated by the Financial Conduct Authority (FCA) and certain alternative finance arrangements facilitated through FCA-regulated peer-to-peer platforms to come within the scope of provisions for alternative finance arrangements.

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 responded to the HMRC/HMT call for evidence on an Independent Customs Regime.

HMRC has launched a consultation seeking views on the inclusion of cryptoassets in the investment transactions list of asset types used for the purposes of the Investment Manager Exemption (IME) and certain fund tax regimes. The consultation will run from 23 May 2022 to 18 July 2022.

The Chartered Institute of Taxation (CIOT) has responded to the HM Treasury’s consultation on online sales tax (OST).

HMRC has launched a technical consultation seeking views on draft regulations that will remove a sunset clause from the Hybrid and Other Mismatches rules so that an exemption for certain hybrid instruments issued by banks continues to apply from 1 January 2023.

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

These Regulations amend child benefit and tax credits legislation for various reasons, including to remove a number of temporary easements introduced during the coronavirus pandemic.

HMRC has published Agent Update issue 96 (May 2022) providing a round-up of recent developments for tax agents and advisers.

The President of the First-tier Tax Tribunal (FTT) published a new Practice Direction, which takes effect from 1 June 2022, and gives guidance to the FTT on the types of cases that should normally be allocated to the four categories set out in rule 23 of the Tribunal Procedure (First-tier Tribunal) (Tax Chamber) Rules 2009 (FTT Rules),

HMRC has updated its guidance with information on accounting for VAT on goods sold on board ferries between Great Britain and Northern Ireland.

HMRC has updated its guidance with information about what businesses should do if they make supplies that are exempt from VAT when moving goods from Great Britain to Northern Ireland.

HMRC has updated its guidance with more information about what businesses should do if they are moving their own goods from Northern Ireland to Great Britain.

The Association of Taxation Technicians (ATT) has shared an update from HMRC that it is pausing some Research & Development Tax Credit (RDTC) payments while it investigates some irregular claims.

HMRC has updated its guidance with more information about sales of goods by members of a UK VAT group.

Uzbekistan has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes.