United Kingdom

Tax-News.com: UK Delays Overhaul To Tax Non-Compliance Penalties

HM Revenue and Customs is reforming late-filing and payment penalties to make them fairer and more consistent across taxes. The first stage of these reforms was set to come into effect early this year. However, on January 13, 2022, HMRC postponed the effective dates by nine months to one year.

Tax-News.com: UK Announces Tax Breaks For Businesses In 2022 Budget

With the UK corporate tax rate set to rise 25 percent from April 2023, the UK Government has announced various tax proposals that are intended to support businesses and the UK economy, in the newly released 2022 Budget.

Tax-News.com: UK Issues Guidance On New Stamp Duty Surcharge On Non-Residents

HM Revenue and Customs has recently issued new guidance on the Stamp Duty Land Tax (SDLT) on non-resident buyers of residential property in England and Northern Ireland.

Tax-News.com: EU Sizes Up Impact Of New UK Free Trade Deal

The European Union has released its Winter 2021 Economic Forecast, which says that Brexit will dent UK economic growth considerably, and more than for the European Union, despite the new free trade deal between the two parties.

Tax-News.com: Norway Issues VAT Regulation In Response To Brexit

Norway intends to provide value-added tax administrative relief measures to UK businesses in response to Brexit.

Tax-News.com: UK, Mexico Sign Continuity Trade Deal

On December 15, 2020, the UK and Mexico signed a trade continuity agreement that will apply when the Brexit transition period ends.

Tax-News.com: UK Eyeing VAT Rule Changes For Sharing Economy

The UK Government is inviting input on the tax challenges associated with the rise of the sharing economy.

Tax-News.com: UK, Canada Sign Post Brexit Continuity Agreement

Canada and the UK have formally signed a post-Brexit trade continuity agreement that will apply from January 1, 2021.

Tax-News.com: EU Seeking Sanctions Against UK Over Tax Rules On Marked Fuels

The EU has referred the UK to the Court of Justice over its failure to comply with EU rules on marked fuel.

Tax-News.com: UK Taxpayers May Arrange Payment Of Deferred VAT In 2021

HM Revenue and Customs has confirmed that UK businesses who wish to pay their deferred VAT liabilities in installments will be able to decide a payment schedule early next year.

Tax-News.com: UK, Canada Sign Post-Brexit Continuity Trade Deal

Canada and the UK have announced the successful conclusion of negotiations on an interim trade agreement, which will be in place as they work toward a comprehensive post-Brexit free trade deal.

Tax-News.com: UK To Offer Expanded Annual Investment Allowance Until 2022

The UK Government has announced that the temporary GBP1m (USD1.31m) cap for the Annual Investment Allowance (AIA) will be extended until January 1, 2022.

Tax-News.com: UK May Double Capital Gains Tax Burden

More closely aligning UK capital gains tax (CGT) rates with income tax rates could raise significant revenues for the UK, a government-commissioned review has concluded.

Tax-News.com: UK To Strengthen Insurance Premium Tax Rules

On November 5, 2020, HM Revenue and Customs issued a consultation on proposals to improve the administration of Insurance Premium Tax (IPT) and prevent unfair outcomes.

Tax-News.com: UK MPs Join Calls For Making Tax Digital Rethink

The UK's Public Accounts Committee has recommended that the UK tax authority first review the potential administrative burden and cost on taxpayers before further expanding its Making Tax Digital initiative.

Tax-News.com: OECD Indicates New Focus On Virtual Currency Tax Issues

The OECD has released a new report on countries' tax rules for virtual currencies, alongside an announcement that the Common Reporting Standard will be expanded next year to newly cover virtual currency assets.

Tax-News.com: UK Updates Brexit VAT Guidance For Imported Goods

On October 5, 2020, the UK tax authority added considerably to its Brexit guidance for businesses on the value-added tax rules that will apply to goods entering Great Britain from outside the UK.

Tax-News.com: UK Releases Construction VAT Reverse Charge Guidance

On September 24, 2020, HM Revenue and Customs released in-depth guidance on the introduction of the VAT reverse charge mechanism on the supply of building or construction services.

Tax-News.com: UK To Collect Interest On Overdue Digital Services Tax

The UK Government on September 16, 2020, tabled The Taxes (Interest Rate) (Amendment No. 2) Regulations 2020, which will enable HM Revenue and Customs to collect or pay interest on overpaid or underpaid digital services tax liabilities.

Tax-News.com: EU Expecting COVID-19 Dent In 2020 VAT Collections

The European Commission has published its latest VAT gap report, which show that EU countries lost an estimated EUR140bn (USD165.7bn) in VAT revenues in 2018.

Any questions ? Feel free to contact us.