ÀÏ˾»úÎçÒ¹¸£Àû

HMRC has updated its import, export and customs guidance to reflect the post-Brexit regime. The update covers the period from 13 December 2021 to 20 December 2021.

HMRC has published new guidance on Plastic Packaging Tax (PPT) to provide information on what records and accounts must kept by businesses to support the information when submitting their PPT returns.

HMRC has rewritten its factsheet on managing serious defaulters.

HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 0.25% from 0.1%.

20 Decemebr 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

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 OECD's Forum on Tax Administration (FTA) held its 14th Plenary meeting on 16-17 December 2021, bringing together tax commissioners from across the globe as well as representatives from international organisations and regional tax administration bodies to discuss top-of-mind tax administration issues including the implementation of the landmark Two-Pillar Solution, lessons learned from the ongoing responses to the global COVID-19 pandemic, digital transformation and capacity building.

HMRC has updated its guidance on completing a stock transfer form where the chargeable consideration is calculated by reference to another document.

The Office of Tax Simplification (OTS) has published an evaluation update paper following its reviews ‘Simplifying everyday tax for smaller businesses’ and â€˜Taxation and Life Events: Simplifying tax for individuals’.

HMRC has launched a technical consultation on draft regulations which will extend the scope of the ‘Disregard Regulations’ to cover derivative contracts which act as a hedge of a foreign exchange risk in relation to an anticipated future acquisition or disposal of a substantial shareholding.

These Regulations extend existing staged customs controls for goods that are in Ireland or Northern Ireland immediately before their importation into Great Britain. This means that the import controls taking effect for EU-GB movements of goods from 1 January 2022 will not apply to such goods. This ensures existing processes are maintained while discussions continue between the UK and EU on the future of the Northern Ireland Protocol.

HMRC has updated its Coronavirus Job Retention Scheme guidance to cover how employers should deal with underpayments to employees that come to light when filing the tax return, and offsetting overclaimed amounts against underclaims for other employees in the same claim period.

These Regulations amend the Statutory Sick Pay (Medical Evidence) Regulations, SI 1985/1604 to increase the number of days for which an employee is not required to provide medical evidence of sickness absence to their employer from 7 days to 28 days.

HMRC has updated its capital gains tax for land and buildings, capital gains tax for shares, income tax losses, capital gains tax for trusts and estates supplementary, trusts and estates, National Insurance contributions and statutory payments, Chargeable gains for companies', Expenses and benefits from employment toolkits for 2020/21 and Property rental toolkit.

The UK has agreed a protocol to the existing double taxation agreement with Taiwan (SI 2002/3137 (‘the Agreement’)). The protocol is set out in The Double Taxation Relief and International Tax Enforcement (Taiwan) Order 2021, SI 2021/1447.

HMRC has published Agent Update issue 91 (December 2021) providing a round-up of recent developments for tax agents and advisers.

This instrument sets the figures for calculating the cash equivalent of fuel for cars and vans and the benefit of the use of a van for the 2022-23 tax year.

The government has proposed amendments to Schedules 2 (qualifying asset holding companies) and 15 (notification of uncertain tax treatment). Government amendments to clause 28 (diverted profits tax) were passed on 1 December.

The Chartered Institute of Taxation has shared an update on behalf of HMRC on Income Tax Self-Assessment (ITSA) repayment claim verification letters (‘SURF’ letters).

The Seychelles has deposited its instrument of ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (Multilateral Convention or MLI). Iceland has also deposited a new notification under the MLI.