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6 April 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

The Treasury launched the Recovery Loan Scheme on 6 April 2021. The Scheme will provide financial support to UK businesses as they recover from the coronavirus pandemic.

These Regulations make technical amendments to the Trade Preference Scheme (EU Exit) Regulations 2020 (SI 2020/1438).

HMRC has published new guidance on when and how non-UK resident purchasers of property in England and Northern Ireland can apply for a repayment of Stamp Duty Land Tax from 1 April 2021.

HMRC has updated its guidance to reflect changes introduced to the Construction Industry Scheme (CIS) to prevent abuse of the CIS set-off process, which applies to sub-contractor companies from 6 April 2021.

HMRC has published further new/updated guidance for imports, exports and customs to reflect the post-Brexit regime. The update covers the period from 30 March 2021 to 5 April 2021.

The OECD has published its third peer review report assessing jurisdictions' efforts to prevent tax treaty shopping and other forms of treaty abuse under Action 6 of the OECD/G20 BEPS Project and a revised peer review document for peer reviews in 2021 and in the future.

This Order appoints 6 April 2021 as the date on which late payment interest and repayment interest are payable in relation to payments made under Part 3AA of Schedule 4 to the Social Security Contributions Regulations 2001 (SI 2001/1004).

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 has announced that at the end of March 2021, twelve no or only nominal tax jurisdictions (Anguilla, Bahamas, Bahrain, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey, Turks and Caicos Islands, United Arab Emirates) began their first tax information exchanges under the Forum on Harmful Tax Practice’s (FHTP) global standard on substantial activities.

HMRC has updated its guidance with information on identifying the problems some importers may have when trying to access their monthly VAT statements. HMRC is also aware of issues with January 2021 and February 2021 statements and has now added information on completing monthly and quarterly VAT Returns for the affected accounting periods.

Greece and Hungary have deposited their instruments of ratification with the OECD for the BEPS Multilateral Convention.

In Balhousie Holdings Ltd (Appellant) v Commissioners for Her Majesty’s Revenue & Customs (Respondent) (Scotland), the Supreme Court has allowed the appeal of Balhousie Holdings Ltd (Appellant), providing clarification in the context of sale and leaseback to finance VAT-advantaged developments such as residential care housing and buildings used by charities. Philip Simpson QC, who acted for Balhousie Holdings Ltd before the Court of Session and the Supreme Court, comments on the significance and impact of the decision.

The OECD has launched a consultation on changes to the OECD Model Tax Convention commentary that acknowledge countries’ right to restrict interest deductibility through domestic law while affirming the importance of access to mutual agreement procedures (Article 9).

HMRC has updated its policy paper on the proposed new points-based penalty regime with more detailed information on penalty points incurred by VAT groups.

HMRC has updated its import, export and customs guidance to reflect the post Brexit regime. The update covers from 25 March 2021 to 29 March 2021.

The European Commission has produced guidance on its VAT One Stop Shop (OSS) schemes that are effective from 1 July 2021. The Commission's guidance includes a new publication, ‘Guide to the VAT One Stop Shop’ providing details concerning registration, VAT returns and VAT payments for the three OSS schemes (union scheme, non-union scheme and import scheme).

29 March 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

HM Treasury has concluded technical discussions on the text of the MoU, which was agreed in a Joint Declaration on Financial Services Regulatory Cooperation alongside the Trade and Cooperation Agreement.

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.