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The CIOT urges HMRC to clarify its guidance to make sure companies are aware that SDLT documents will be deemed to be properly served where they are posted to addresses other than the company’s principal place of business.

In this GAAR panel opinion on a repayment of a participator loan through transactions involving group companies, the panel's opinion is that entering into, and carrying out, the tax arrangements was a reasonable course of action in relation to the relevant tax provisions. This is the first of the GAAR Advisory Panel’s opinions that favours the taxpayer.

HMRC has published pension schemes newsletter 141.

HMRC has updated its capital allowance structures and buildings toolkit.

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.

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.

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

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

The European Commission has launched a consultation on options  to address the role of enablers who contribute to tax evasion and aggressive tax planning.

These Regulations provide a new list of high-risk third countries in relation to which enhanced due diligence requirements apply under the principal Money Laundering Regulations.

The CIOT has responded to the HM Treasury’s review of potential reforms to UK's capital allowance regime.

HMRC has updated its disclosure of tax avoidance schemes (DOTAS) and the disclosure of tax avoidance schemes: VAT and other indirect taxes, (DASVOIT) guidance.

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

The UK government intends to publish draft legislation for Finance Bill 2023 on 20 July 2022.

The primary threshold for Class 1 NICs increased to £12,570 on 6 July 2022, bringing the threshold into line with the income tax personal allowance.