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

Spotlight 59 is an update to Spotlight 28 on the tax avoidance schemes used by employers to provide tax free or tax reduced rewards to their employees, like the Growth Securities Ownership Plan (GSOP).

The Chancellor delivered his Spring Statement on 23 March 2022, detailing several new tax announcements.

The OECD has published a public consultation document concerning a new global tax transparency framework to provide for the reporting and exchange of information with respect to crypto-assets, as well as proposed amendments to the Common Reporting Standard (CRS) for the automatic exchange of financial account information between countries.

The Supreme Court has published its judgment in Commissioners for Her Majesty's Revenue and Customs (Appellant) v NCL Investments Ltd and another (Respondent). The Supreme Court unanimously dismisses the appeal. The judgment is given by Lord Hamblen and Lady Rose, with whom Lord Reed, Lord Briggs and Lord Sales agree.

The OECD has published its fourth peer review report assessing the actions taken by jurisdictions to prevent tax treaty shopping and other forms of treaty abuse under Action 6 of the OECD/G20 BEPS Project.

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

HMRC has announced that the interest rates for late payments will be revised following the Bank of England’s interest rate rise from 0.50% to 0.75%.

The Government of Jersey has stated that all forms of tax cooperation with Russia are suspended with immediate effect. The Minister for External Relations and Financial Services, Senator Ian Gorst, stated that Jersey should not be providing the Russian government with information that can be used to increase its tax revenues. This suspension follows from a similar announcement from the UK government on Thursday 17 March 2022.

The UK government has announced that it is suspending the exchange and sharing of tax information with Russia and Belarus as part of its response to the invasion of Ukraine.

HMRC has published Agent Update issue 94 (March 2022) providing a round-up of recent developments for tax agents and advisers.

The OECD has published commentary and illustrative examples on the model global minimum tax rules forming part of its two-pillar global tax reform plan. They are also seeking public comments on the issues that should be addressed as part the GloBE Implementation Framework.

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HMRC’s Stakeholder Digest (11 March 2022) provides a round-up of the latest news and updates including information on sending humanitarian aid to Ukraine, setting up Self Assessment payment plans by 1 April and Electronic sales suppression (ESS).

These Regulations make provision about the assessment, payment, collection and recovery of the economic crime (anti-money laundering) levy.

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

These Regulations provide the technical requirements needed to allow HMRC to administer the allowance for the Residential Property Developer Tax (RPDT) in relation to groups of companies and joint ventures.

The Economic Crime (Transparency and Enforcement) Bill received its second reading in the House of Lords on 9 March 2022 and is scheduled to complete remaining Lords stages on 14 March.

These Regulations bring certain derivative contracts entered into on or after 1 April 2022 within the scope of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations, SI 2004/3256 and amend the Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations, SI 2002/1970 to allow certain debits and credits from currency derivative contracts to be left out of account and, in certain circumstances, to be brought back into account for corporation tax purposes.

The OECD has received responses to the consultation on the draft rules for tax base determinations under Pillar One Amount A.