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Businesses with an annual turnover above £85,000 are being urged by HMRC to sign up to Making Tax Digital (MTD). Many of the 1.2 million businesses affected by the MTD...

Finance BillThe government has published draft provisions to be included in Finance Bill 2019-20 together with explanatory notes and other supporting...

The taxation of lifetime gifts should be simplified and the seven-year period reduced to five, recommends the Office of Tax Simplification (OTS) in its review of inheritance...

A new directive on tax dispute resolution mechanisms in the EU came into force on 1 July 2019. It will help to find solutions for tax disputes between member states that can arise...

HMRC imposed a record £860m in penalties on individual taxpayers in the year to 31 May 2019, up 24% from £694m in the previous year.UHY Hacker Young says that an...

HMRC has published draft regulations that amend the new hybrid capital instruments rules introduced by FA 2019. These ensure that takeover or change of control terms will not exclude instruments that would otherwise meet the conditions to qualify as debt. They amend the definition of ‘conversion event’ to permit conversion of instruments into ordinary share capital of the debtor, or of a company which obtains control of the debtor, following a takeover or change of control.

The amendment will have effect from 1 January 2019-12 February for stamp duty and stamp duty reserve tax. HMRC announced its intention to make this amendment in an update to the technical note published at Budget 2018.

Comments should be emailed to ursula.crosbie@hmrc.gov.uk by 9 August.

Draft regulations: tinyurl.com/hmrchcijul

Tax credits; GAAR panel; National Insurance; Departmental plan; Entrepreneurs' relief; Beneficial ownership

The Welsh Revenue Authority (WRA) has published its first annual statistics covering the year 2018-19 for land transaction tax, including data for all local authorities in...

More than three million of the ten million people who complete a tax return each year do not pay the full amount of tax.The findings are revealed in a new research briefing by Dr...

With less than a year until IR35 reform is extended to the private sector, many contractors say that independent reviews hold the key to accurate status decisions, according to...

The tax collected by HMRC from investigations into taxpayers with offshore assets and income exceeded £560m in 2018-19.According to data obtained by Access Financial under a...

HMRC has confirmed that the scope of its policy on the zero rate for transport services has not changed after the Upper Tribunal’s decision in Jigsaw Medical Services v...

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