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The UK and Guernsey have signed a Memorandum of Understanding setting out how the arbitration procedure under Article 25(5) of the double taxation agreement between the two territories will operate.

In the Treasury minutes published on 19 July 2022, the government has responded, among other things, to the Public Accounts Committee (PAC) report from session 2021–2022 and 2022 – 2023 on the Bounce Back Loans Scheme.

HMRC has published a new guidance on steps to be taken before registering as a professional tax agent.

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HMRC has published the synthesised text of the UK’s double tax convention with Chile as modified by the Multilateral Instrument (MLI).

18 July 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

These Regulations provide a new list of high-risk third countries in relation to which enhanced due diligence requirements apply under the principal Money Laundering Regulations.

The CIOT has responded to the HM Treasury’s review of potential reforms to UK's capital allowance regime.

HMRC has updated its disclosure of tax avoidance schemes (DOTAS) and the disclosure of tax avoidance schemes: VAT and other indirect taxes, (DASVOIT) guidance.

The OECD Secretary-General’s Tax Report to G20 finance ministers sets out a revised and ‘more realistic’ timetable for Pillar One, with a signing ceremony envisaged in the first half of 2023 for a multilateral convention to implement Amount A, with entry into force in 2024.

11 July 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

These Regulations require certain notices and returns relating to the corporate interest restriction to be sent to HMRC via an approved means of electronic communication.

HMRC has published the Energy (Oil and Gas) Profits Levy Bill, incorporating minor changes following a short period of consultation.

HMRC’s latest Digest provides a round-up of recent news including the latest tax gap data, the end of CHIEF for imports, HMRC’s tax repayment agent consultation, and the new corporate interest restriction working group.

The UK government intends to publish draft legislation for Finance Bill 2023 on 20 July 2022.

The CIOT has made a proactive submission on land remediation relief focusing on one aspect of the LRR derelict land remediation scheme: the qualifying date of 1 April 1998 for land in a derelict state.

In a new consultation, the UK government proposes to codify and narrow the tax exemption for foreign sovereign persons, limiting exemption to investment income only and potentially bringing income from other activities within the scope of UK taxation.

HMRC has launched a consultation on potential options for reform of the tax treatment of cryptoasset loans and ‘staking’ in the context of decentralised finance. The consultation runs until 31 August 2022.

This Order provides that the ten specified securities are 'gilt-edged securities' and therefore gains on their disposal are not chargeable gains for the purposes of capital gains tax or corporation tax on chargeable gains.

The ATT cautions that proposed reforms to the capital allowances regime overlook the needs of small businesses and may detract from continued investment and growth in the UK.