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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 updated its tax credits guidance to confirm that tax-free pension lump sums should not be included in income for the purposes of tax credits claims and renewals.

HMRC has increased the interest rates for late payments of tax following the Bank of England’s decision on 5 May 2022 to increase the bank base rate from 0.75% to 1%.

The GAAR Advisory Panel has published an opinion on a director reward scheme using pension arrangements.

The OECD is seeking public comments on the Regulated Financial Services Exclusion under Amount A of Pillar One to address the tax challenges arising from the digitalisation of the economy.

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

The Government has issued a publication aiming to kickstart a conversation with businesses on reforming the UK’s capital allowances regime.

HMRC has published new factsheet CC/FS55 about penalties for inaccurate interest restriction returns and documents.

HMRC has updated VAT Notice 700 to add additional information on how to apply for non-standard tax periods.

HMRC has published the final direction for mandating the format of claims for employment expenses.

The Chartered Institute of Taxation (CIOT) has published its comments on the HMRC’s Construction Industry Scheme (CIS): Landlord contributions to tenant works.

The Chartered Institute of Taxation (CIOT) has shared the Government’s announcement to pause the new border controls planned for July.

HMRC has published the Recognised Stock Exchange (MICEX Stock Exchange) (Russia) Designation Revocation Order 2022 alongside a response to the consultation on the draft order.

The OECD has received and published responses to the consultation on the extractives exclusion under Pillar One Amount A.

The United Nations (UN) has held a launch event for the 2021 version of its Model Tax Convention.

The OECD has received and published responses to the consultation on the Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard.

HMRC has published new guidance with information on what to do if someone registered for Plastic Packaging Tax (PPT) dies, becomes incapacitated or insolvent.

HMRC has published its Trusts and Estates Newsletter for April 2022.

HMRC has updated its guidance to include details on the issue of certificates of status from 1 May 2022.

The CIOT publishes updated note, prepared by the CIOT, STEP and ICAEW, on HMRC’s approach to the treatment of loans secured on foreign income or gains by remittance basis users