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Finance (No 2) Act 2023

These regulations extend the deadline for paying voluntary National Insurance Contributions (NICs) for tax years between 6 April 2006 and 5 April 2018 to 5 April 2025.

The CIOT has responded to the House of Commons Public Accounts Committee (PAC) inquiry into Progress with Making Tax Digital.

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

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.

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.

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.

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

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

The House of Lords Bill was published late on 21 June 2023, incorporating all changes agreed during the Bill’s passage through the Commons.

The House of Commons Treasury Committee has published a report on Tax Simplification with several recommendations for government.

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

HMRC has published Agent Update issue 109 (14 June 2023) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers.

The Chancellor has put forward several amendments, including two new clauses, which will be considered in the House of Commons at Report Stage on 20 June 2023 (rescheduled from the original 19 June date).

HMRC has published its bi-monthly magazine providing the latest information on payroll-related topics for employers and agents.

HMRC has published a new guidance page on how to deal with an employment related security (ERS) penalty.

The government has further extended the voluntary National Insurance (NI) contribution deadline to 5 April 2025 to give taxpayers more time to fill gaps in their NI record and help increase the amount they receive in State Pension.

The National Audit Office (NAO) has published a report, Progress with Making Tax Digital. The report considers progress to implement Making Tax Digital, and whether HMRC’s latest plans provide confidence that the programme will deliver value for money.

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

The CIOT and ATT have responded to the HMRC consultation: ‘Simplifying and modernising HMRC’s income tax services through the tax administration framework’.