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HM Treasury has announced that the Energy Profits Levy, which puts a marginal tax rate of 75% on North Sea oil and gas production, will remain in place until March 2028. The tax rate will fall back to 40%, the rate before the Energy Profits Levy was introduced, when the oil and gas prices consistently return to normal levels for a sustained period.

Uzbekistan has become the 143rd country to join the OECD’s inclusive framework on BEPS.

HMRC has launched a technical consultation seeking views on policy options to regulate umbrella companies and to tackle non-compliance in the umbrella company market.

HMRC has published Charities Newsletter 1 which is a new publication to keep the charities sector informed about relevant updates.

HMRC has launched a consultation to seek views and gather evidence on the current usage of the Save As You Earn (SAYE) and Share Incentive Plan (SIP) employee share schemes and whether they are effective in achieving their stated policy objectives. The deadline for response is 5 pm on 25 August 2023.

HMRC has published two new guidance pages on the economic crime levy (ECL) - the annual charge on entities who are supervised under the Money Laundering Regulations and whose UK revenue exceeds £10·2 million per year.

HMRC has published Agent Update issue 108 (24 May 2023) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers.

On 19 May 2023, Guernsey, Jersey and the Isle of Man made a joint statement on their intentions in respect of the global initiative to set a minimum effective tax rate for the world's largest multinational enterprises.

Viet Nam has deposited its instrument of ratification for the BEPS Multilateral Convention.

HMRC has updated its guidance on completing a tax check for renewing taxi, private hire or scrap metal licenses.

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

The text of the 2023 UK-San Marino Double Taxation Convention has been added to the HMRC tax treaties page.

HMRC is increasing the late payment rate of interest to 7%, and the repayment interest rate to 3.5% from 31 May 2023. Interest on quarterly instalment payments of corporation tax is also increased from 22 May 2023.

These regulations implement aspects of the Register of Overseas Entities. They prescribe the characteristics of a foreign limited partner, allow for information held within the Register to be removed on application under certain circumstances, and amend the protection elements in certain acts.

The Retained EU Law (Revocation and Reform) Bill will now not automatically remove remaining retained EU law and EU-derived secondary legislation on 31 December 2023.

Sierra Leone has become the 168th member – and 37th African member – of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).

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

The CIOT and ATT have responded to the HM Treasury consultation on future financial services regulatory regime for cryptoassets.

These Regulations increase the limits that apply to the amounts of capital that accredited community development finance institutions (CDFIs) can raise from corporate and individual investors, and on which those investors can claim community investment tax relief (CITR).

This Order provides a second further opportunity for shipping companies and groups to elect into the tonnage tax regime.