ÀÏ˾»úÎçÒ¹¸£Àû

The CIOT has published the latest HMRC Stakeholder Digest (22 December 2021) which provides a round-up of the latest news and updates.

HMRC has announced that the late filing and late payment penalties for self-assessment taxpayers will be waived for one month, giving them extra time to complete the 2020/21 tax return and pay any tax due. The filing and payment deadline of 31 January 2022 will remain unchanged.

In the ever-fast-moving world of tax announcements and developments, this news pulls together some of the key changes announced between 23 December 2021 to 4 January 2022. Our commentary will be updated in due course to reflect these latest developments.

HMRC has updated its Capital versus revenue expenditure toolkit for 2020-21.

The Chartered Institute of Taxation has shared a note highlighting the changes in HMRC’s approach to the treatment of loans made to remittance basis users (RBUs) where assets of the borrower are held by the lender.

The Welsh government delivered its 2022-23 budget on 20 December 2021.

HMRC has updated its Coronavirus Job Retention Scheme (CJRS) guidance on paying back CJRS grants to add a new section ‘If you need more time to work out what you owe’.

HMRC has updated its Making Tax Digital (MTD) guidance pages to add information in relation to submitting quarterly updates of business income and expenses.

The Scottish Government has published the outcomes of its consultation on its overarching approach to tax policy, alongside Scotland’s first Framework for Tax, which sets out the principles and strategic objectives that underpin the Scottish Approach to Taxation.

HMRC has rewritten its factsheet on managing serious defaulters.

HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 0.25% from 0.1%.

HMRC has updated its guidance on completing a stock transfer form where the chargeable consideration is calculated by reference to another document.

The Office of Tax Simplification (OTS) has published an evaluation update paper following its reviews ‘Simplifying everyday tax for smaller businesses’ and â€˜Taxation and Life Events: Simplifying tax for individuals’.

HMRC has launched a technical consultation on draft regulations which will extend the scope of the ‘Disregard Regulations’ to cover derivative contracts which act as a hedge of a foreign exchange risk in relation to an anticipated future acquisition or disposal of a substantial shareholding.

HMRC has updated its Coronavirus Job Retention Scheme guidance to cover how employers should deal with underpayments to employees that come to light when filing the tax return, and offsetting overclaimed amounts against underclaims for other employees in the same claim period.

HMRC has updated its capital gains tax for land and buildings, capital gains tax for shares, income tax losses, capital gains tax for trusts and estates supplementary, trusts and estates, National Insurance contributions and statutory payments, Chargeable gains for companies', Expenses and benefits from employment toolkits for 2020/21 and Property rental toolkit.

The UK has agreed a protocol to the existing double taxation agreement with Taiwan (SI 2002/3137 (‘the Agreement’)). The protocol is set out in The Double Taxation Relief and International Tax Enforcement (Taiwan) Order 2021, SI 2021/1447.

HMRC has published Agent Update issue 91 (December 2021) providing a round-up of recent developments for tax agents and advisers.

This instrument sets the figures for calculating the cash equivalent of fuel for cars and vans and the benefit of the use of a van for the 2022-23 tax year.

The government has proposed amendments to Schedules 2 (qualifying asset holding companies) and 15 (notification of uncertain tax treatment). Government amendments to clause 28 (diverted profits tax) were passed on 1 December.