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HM Treasury has published the Financial Services and Markets Bill (FSMB), along with feedback on its consultations on the Future Regulatory Framework (FRF) Review and FRF Review: central counterparties and central securities depositories and the first Mansion House speech by the new chancellor of the exchequer, Nadhim Zahawi. In his speech, Zahawi noted that the FSMB aims to tailor financial services regulation to UK markets and create a more competitive financial services sector in the UK post-Brexit. He also said it implements the FRF Review, including reforms to Solvency II and the prospectus regime and the Wholesale Capital Markets review. It also, amongst other things, enables the UK government to ‘safely adopt cryptoassets’ and introduces growth and competitiveness as formal ‘secondary’ objectives of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

HMRC has published Agent Update issue 98 (July 2022) providing a round-up of recent developments for tax agents and advisers.

HMRC and the Treasury have published a number of new consultations and responses, covering various subjects including the UK’s implementation of Pillar 2, the reporting rules for digital platforms, self-assessment notification of liability timings, and improving the way HMRC uses taxpayer data.

HMRC has now published a notice which specifies what information must be included in a return required under

Partial exemption special methods are often used in specific sectors and HMRC has worked with representative bodies to produce sector specific partial exemption frameworks. The frameworks are intended to facilitate the agreement of consistent, fair, and reasonable partial exemption special methods. Frameworks are regularly updated and on 19 July 2022 HMRC published an online edition of the framework for NHS bodies, the previous edition having been published as a PDF document.

The Society of Trust and Estate Practitioners (STEP) has published its response to HMRC’s consultation on its intention to expand the investment transactions list used by the investment manager exemption to provide tax certainty to UK investment managers seeking to include types of crypto-assets within their investors’ portfolios. Regarding the proposed definition of crypto-assets, STEP seeks clarity on non-fungible tokens; supports references to ‘similar technology’ to accommodate variations on traditional crypto-assets and, the inclusion of ‘interests in crypto-assets’.

The Office of Tax Simplification has published a report which analyses the impacts of tax complexity and recommends that the principle of simplification should be embedded in the tax policy making process.

On 20 July 2022, the Treasury published a raft of legislation in draft which will form the basis of Finance Bill 2023.

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.

The CIOT has responded to the three key questions asked in the consultation on legislative proposals to extend an existing concession that removes trusts and estates from income tax where the only source of income is savings interest, and the tax liability is below £100.

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 updated the CIOT regarding the deferral of the introduction of the Second-hand Motor Vehicle Export Refund Scheme that was to be introduced on 1 October 2022.

Regulations have been introduced which will allow the use of a single commodity code when making a written or electronic customs declaration to claim Transfer of Residence (ToR) relief. These Regulations come into force on 1 August 2022.

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

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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.

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.

HMRC has published Employment Related Securities (ERS) Bulletin 44.

HMRC has issued a reminder that the first Plastic Packaging Tax returns and payments are due by 29 July 2022.