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

The OECD is seeking public comments on two consultation documents relating to tax certainty under Pillar One.

HMRC has updated its import, export and customs guidance to reflect the post-Brexit regime. The update covers the period from 23 May 2022 to 30 May 2022.

HMRC has published new guidance on the super-deduction and the special rate first year (SR) allowance.

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

The OECD has published responses to the consultation on the regulated financial services exclusion under Amount A of Pillar One.

HMRC has updated its guidance to reflect that from 1 July 2022 businesses registered or liable to be registered for VAT will no longer need to report information about sales of mobiles or computer chips in the UK.

China has deposited its instrument of ratification with the OECD for the BEPS Multilateral Convention.

OECD Secretary-General Mathias Cormann has told the World Economic Forum in Davos that the agreement needed to finalise Pillar 1 is likely to be delayed, resulting in practical implementation taking place from 2024 rather than 2023.

HMRC has published revised advisory fuel rates for company cars which apply from 1 June 2022.

HMRC has updated its guidance with information on what it is doing about mini umbrella fraud.

The UK Government has outlined its proposals for a windfall tax on the extraordinary profits of oil and gas companies which will be used to support those most heavily affected by the increased cost of living.

The Chancellor of the Exchequer, Rishi Sunak MP, has made a statement in the House of Commons announcing a new package of measures in response to the rising cost of living. The measures include a new temporary Energy Profits Levy, including a new investment allowance, and a £15bn Cost of Living Support package for low-income and vulnerable households. Phil Greatrex, partner at CW Energy LLP comments on the announcement.

HMRC has informed the CIOT that the pause in some RDTC payments continues while HMRC investigates some irregular claims, which means delays to the usual processing times.

This Order widens the scope of tax legislation applying to alternative finance arrangements, specifically the purchase and resale arrangements and the diminishing shared ownership arrangements. The Order will allow both Home Purchase Plan providers that are not financial institutions but are regulated by the Financial Conduct Authority (FCA) and certain alternative finance arrangements facilitated through FCA-regulated peer-to-peer platforms to come within the scope of provisions for alternative finance arrangements.

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

The CIOT has responded to the HMRC/HMT call for evidence on an Independent Customs Regime.

HMRC has launched a consultation seeking views on the inclusion of cryptoassets in the investment transactions list of asset types used for the purposes of the Investment Manager Exemption (IME) and certain fund tax regimes. The consultation will run from 23 May 2022 to 18 July 2022.

The Chartered Institute of Taxation (CIOT) has responded to the HM Treasury’s consultation on online sales tax (OST).

HMRC has launched a technical consultation seeking views on draft regulations that will remove a sunset clause from the Hybrid and Other Mismatches rules so that an exemption for certain hybrid instruments issued by banks continues to apply from 1 January 2023.