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HMRC has published Agent Update issue 114 (15 November 2023) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers.

HMRC has published new guidelines on qualifying Research and Development (R&D) for tax purposes.

13 November 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

The UK and other jurisdictions announce their intention to implement the Organisation for Economic Co-operation and Development’s latest tax transparency standard, the Crypto-Asset Reporting Framework (CARF).

HMRC has updated its guidance to add information about using box 773 for the 50% first-year allowance.

The Philippines has joined the international efforts against tax avoidance by joining the OECD/G20 Inclusive Framework on BEPS.

San Marino has ratified the income tax treaty with the UK.

HMRC has updated its guidance for UK agencies and businesses placing or using temporary labour, on reducing the risk of using an umbrella company that operates a tax avoidance scheme.

The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) has published new peer review reports on transparency and exchange of information on request (EOIR) for six of its members (Latvia, Mauritania, Pakistan, Poland, Serbia and Thailand), and supplementary reports that reflect progress made by two members (Botswana and Dominica) in implementing the EOIR standard.

As part of the ongoing work of the OECD/IGF partnership on BEPS in the mining programme, the OECD and IGF invite comments on a draft toolkit to support developing countries in addressing base erosion and profit-shifting (BEPS) risks when pricing minerals.

The CIOT has sent a letter to HMRC seeking confirmation of their understanding in relation to the commencement of the new UK/Luxembourg double tax treaty which was signed on 7 June 2022.

6 November 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

HMRC has responded to the CIOT’s comments on the draft Finance Bill 2023-24 legislation on ‘Dealing with promoters of tax avoidance’.

Scottish government ministers have announced that the Scottish Budget will be presented to Parliament on 19 December 2023.

HMRC has launched a consultation on draft regulations which will introduce interest charges on the late payment of Electronic Sales Suppression penalties.

HM Treasury (HMT) has published the government’s response to its February 2023 consultation on a future financial services regulatory regime for cryptoassets. The government has confirmed its final proposals for cryptoasset regulation in the UK, including its intention to bring a number of cryptoasset activities into the regulatory perimeter for financial services for the first time. HMT has also published the government’s response to its consultation on managing the failure of systemic digital settlement asset (including stablecoin) firms by applying a modified Financial Market Infrastructure Special Administration Regime (FMI SAR) to such firms, and an update on the government’s policy concerning the regulation of fiat-backed stablecoins.

The CIOT has responded to the House of Lords Economic Affairs Finance Bill Sub-Committee call for evidence on four areas covered by the draft legislation for the next Finance Bill.

30 October 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

The Economic Crime and Corporate Transparency Act 2023 has received Royal Assent.

HMRC has updated its guidance to add information about issues affecting Research and Development expenditure credit (RDEC) claims.