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HMRC has published Agent Update issue 103 (December 2022) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers

We understand that following a consultation with members of the Land & Property Liaison Group, HMRC has decided to proceed with changes to the administrative process for option to tax notifications.

HMRC is increasing the late-payment rate of interest to 6%, and the repayment rate to 2.5%, from 6 January 2023. Interest on quarterly instalment payments of corporation tax is also increased from 26 December 2022.

HMRC has updated its guidance on how to complete a return if another business exports or converts components in the same accounting period.

The Chancellor has announced that the Spring Budget 2023 will be on 15 March 2023.

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

John Swinney, Deputy First Minister, delivered the Scottish government’s 2023–24 Budget on 15 December 2022.

Regulations have been laid which bring the changes to VAT interest payments into force from 1 January 2023.

HMRC has updated its technical guidance on the VAT domestic reverse charge at the section ‘Scaffolding on zero-rated new build housing’.

The EU Commission has published its long awaited legislative proposals on VAT in the Digital Age (ViDA).

A consultation has been launched on proposed reform of the VAT rules on fund management to improve legal clarity and certainty. This consultation closes on 3 February 2023.

HMRC has published new guidance with information on notifying HMRC of the specific nature of the land and property supplies businesses are making using form VAT5L.

HMRC has updated its guidance to reflect that all VAT registered businesses should now be signed up for Making Tax Digital (MTD) for VAT.

These Regulations commence provisions of the Finance Act 2009 (and amendments to that Act) which provide for late payment interest on sums due to HMRC and repayment interest on sums to be paid by HMRC for the purposes of VAT.

These Regulations provide that 1 January 2023 is the appointed day on which FA 2021 Schs 24, 26 and specified provisions of FA 2021 Sch 27 come into force for VAT.

HMRC has launched a consultation seeking views on draft regulations for the Disclosure of Tax Avoidance Schemes for VAT and other indirect taxes (DASVOIT) regime. Responses can be submitted until 11:45 pm on 15 January 2023.

The House of Commons Public Bill Committee has reported the adoption of government amendments to the Economic Crime and Corporate Transparency Bill (the Bill). The Committee has also reported the withdrawal of amendments in the name of Dame Margaret Hodge proposing an offence of failure to prevent fraud or money laundering.

The text of the 2022 UK-Brazil Double Taxation Convention has been added to the HMRC tax treaties page.

HMRC has updated its VAT Notice 700/12: How to fill in and submit the VAT Return at section 3.1 to add information about completing a paper return.

HMRC’s Stakeholder Digest (24 November 2022) provides a round-up of recent news and updates.