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HMRC has published a new guidance page on how to submit a return for the Economic Crime Levy.

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

Details of updates to HMRC import, export and customs guidance for the period from 27 June 2023 to 3 July 2023.

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.

HMRC is increasing the late-payment interest rate to 7.50% and the repayment rate to 4% from 11 July 2023. Interest on quarterly instalment payments of corporation tax is also increased from 3 July 2023.

The CIOT has published its response to HMRC’s consultation on Stamp Taxes on Shares modernisation.

The Financial Services and Markets Bill has been granted Royal Assent. The changes enable the delivery of the government’s Edinburgh Reforms, including the implementation of Lord Hill’s UK Listing Review which aims to simplify the UK prospectus regime. The Act also introduces a new secondary objective for the Financial Conduct Authority and the Prudential Regulation Authority.

HMRC has published pension schemes newsletter 151 (June 2023). In particular, the newsletter confirms that following the Spring Budget 2023 announcement that the lifetime allowance charge would be removed from 6 April 2023 and fully abolished from the 2024 to 2025 tax year, the government has amended the Finance (No. 2) Bill to make clear that any amount of a stand-alone lump sum in excess of the 5 April 2023 maximum may still be paid to the member as a stand-alone lump sum, with the excess being subject to the member’s marginal rate of Income Tax. The newsletter also provides further information on the rules that apply to the taxation of stand-alone lump sum payments and how they should be reported.

HMRC and HM Treasury have launched a joint consultation on potential reforms to the temporary admissions (TA) procedure.

HMRC and HM Treasury have launched a joint consultation on potential simplifications to customs declarations and the use of technology to facilitate declarations and other customs processes.

These Regulations update the list of high-risk third countries in relation to which enhanced due diligence measures are required under the principal Money Laundering Regulations.

These Regulations empower the Registrar to impose financial penalties for offences in relation to the registration of overseas entities, and apply an exception to restrictions on the registration of certain land transactions in Northern Ireland.

HMRC’s Stakeholder Digest (22 June 2023) provides a round-up of recent news and updates.

The CIOT and ATT have responded to the HMRC consultation on the taxation of decentralised finance involving the lending and staking of cryptoassets.

The Treasury has announced that the Government will publish draft clauses for the next Finance Bill on 18 July 2023.

This order specifies seven securities as 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.

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

Details of updates to HMRC import, export and customs guidance for the period from 20 June 2023 to 26 June 2023.

HMRC has published Community Amateur Sports Club (CASC) Newsletter 2 – June 2023.

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.