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2 May 2022 - 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 25 April 2022 to 2 May 2022.

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 published pension schemes newsletter 138, to update stakeholders on the latest news and updates regarding pension schemes.

These Regulations provide for an exemption from income tax on income earned in the UK by certain non-resident accredited individuals in connection with the 2022 Birmingham Commonwealth Games.

HMRC has published detailed guidance explaining how to fill in form IHT100 to inform HMRC about chargeable events when inheritance tax (IHT) is payable on a trust or gift. The guidance provides: step-by-step instructions explaining how to complete each section of form IHT100; information on when to use form IHT100; which values should be included when valuing assets, and the steps to take once all forms have been completed. There is also an important note signposting to the changes made in 2006 to the way IHT is charged which mainly affected the taxation of trusts and alternatively secured pension funds.

These Regulations provide for an exemption from income tax on income earned from activities in the UK in connection with the Finalissima Football Match between Italy and Argentina which is due to be held in London in June.

HMRC’s Stakeholder Digest (27 April 2022) provides a round-up of the latest news and updates including information on the tax credit renewals, use of a new online service to report fraud and information on the International Tax Enforcement Summit which is to be held in May 2022.

These Regulations provide for an exemption from income tax on income earned from activities in the UK in connection with the UEFA Women’s Euro 2022 finals tournament which is due to be held in England in July.

These Regulations provide an exemption from stamp duty and stamp duty reserve tax (SDRT) for the transfer of certain types of loan notes issued as part of securitisation and insurance-linked securities (ILS) arrangements.

These regulations amend the Taxation of Securitisation Companies Regulations 2006, SI 2006/3296 (TSCR). The TSCR introduced new tax rules with effect from accounting periods beginning on or after 1 January 2007 for securitisation companies involved in the securitisation of financial assets.

These Regulations amend the International Tax Compliance Regulations 2015, SI 2015/878 (the principal Regulations) to bring additional international exchange arrangements within scope. The principal Regulations apply to arrangements entered into by the UK by a given date. This date is periodically extended, this time to 20 April 2022.

The First-tier Tribunal (FTT) has published guidance on taking oral evidence from abroad.

The Pensions and Lifetime Savings Association (PLSA) has issued additional information on HMRC’s GMP equalisation guidance on pensions tax considerations when equalising benefits for the effects of inequalities in GMPs. PLSA clarifies the tax treatment of the interest element, particularly in relation to tax due and responsibilities of pension schemes to deduct the tax due at the source.

HMRC has launched a consultation seeking views on legislative proposals to extend an existing concession that removes trusts and estates from Income Tax where the only source of income is savings interest and the tax liability is below £100. Trustees and personal representatives with experience of low-income trusts and estates are called to respond. The consultation closes at 11:45pm on 18 July 2022.

HMRC has published updated road fuel scale charge tables for VAT which apply from 1 May 2022.

HMRC has published the April 2022 edition of the HMRC Trusts and Estates Newsletter.

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.

25 April 2022 - 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 18 April 2022 to 25 April 2022.