NEWS

HMRC has updated various guidance notes to confirm that failure by a taxpayer to meet a filing or payment deadline due to Covid-19 will be accepted as a reasonable excuse, provided the taxpayer remedies the failure as soon as possible.HMRC has also...

The GAAR Advisory Panel has given its opinion on a scheme which seeks to reduce an estates value using subscription for shares in a new company and gifting those shares to an employee succession trust. The panel views the entering into of the...

The CIOT has responded to the Treasury Committee inquiry into the Spring Budget 2020, submitting comments on a number of measures. The CIOT welcomes many of the proposals but has particular concerns in relation to the unilateral introduction of...

The Treasury has issued a statement on cross-border information-sharing within corporate groups for the purpose of tackling economic crime, and to advise regulated entities when it is acceptable to share information. The statement endorses the...

HMRCs guidance Use the Patent Box to reduce your Corporation Tax on profits: updated to reflect the rules for those electing into the patent box after 30 June 2016....

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors. Direct taxesManual Page Comments Capital Gains Manual Archived:...

The Treasury has published a direction under Coronavirus Act 2020 s 71 and s 76, setting out the legal framework for the operation of the self-employment income support scheme (SEISS) and which has effect for the duration of the scheme.HMRCs...

Chancellor Rishi Sunak has written to the CIOT, announcing that claims for the SEISS will start to open from 13 May, and that payments will be received into claimants bank accounts from 25 May, ahead of the original June schedule. HMRC has...

On 6 May, The Guardian reported that the government was preparing to wind down the coronavirus job retention scheme (CJRS) from July, alongside a programme to gradually lift restrictions on business activities. Potential options could...

In a note to the CIOT, HMRC has responded to questions around whether RD claims will be paid in full even where a business has outstanding tax liabilities. Where a VAT liability has been deferred under the measure announced in relation to...