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HMRC has published Agent Update issue 117 (21 February 2024) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers.

The OECD/G20 Inclusive Framework on BEPS has published a progress report on Amount B of Pillar One.

HMRC has published various new guidance pages on the VAT Import One Stop Shop (IOSS) scheme.

HMRC has further updated its guidance on the tax treatment of Double Cab Pick Ups.

HMRC has published new guidance on how to work out transition profit for the 2023/24 tax year for taxpayers affected by the new tax year basis (Basis Period Reform).

Details of updates to HMRC import, export and customs guidance for the period from 12 February 2024 to 19 February 2024.

In the ever-fast-moving world of tax announcements and developments, this news pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.

19 February 2024 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

HMRC has published responses to its consultation on simplifying and modernising HMRC's Income Tax services through the tax administration framework.

HMRC has launched a consultation to welcome views on how a range of topics relating to HMRC’s enquiry and assessment powers, penalties, and safeguards could be reformed.

HMRC has updated its bi-monthly magazine for employers and agents that gives up-to-date information on payroll topics.

The UK, together with Austria, France, Italy and Spain, has agreed to update the terms for transitioning from the Digital Services Taxes (DST) to Pillar One.

In the Treasury minutes published on 15 February 2024, the government has responded, among other things, to the Public Accounts Committee (PAC) report from session 2022-23 on making tax digital for VAT, income tax and corporation tax.

HMRC has published the February 2024 Lifetime allowance newsletter to update stakeholders on the latest news for pension schemes.

HMRC has published the latest versions of its employer guide to Class 1A National Insurance contributions on benefits in kind, termination payments and sporting testimonial payments (CWG5), and of its further guidance for employers on PAYE and National Insurance contributions (CWG2), the latter to be used from 6 April 2024.

Tax analysis: The Supreme Court considered a Francovich damages claim brought by the appellant against HM Treasury in respect of loss and damage which it asserted had flowed from the UK’s withdrawal of the low value consignment relief from VAT in 2012. The appellant alleged that the removal of the relief constituted a serious breach of EU law which was contrary to the Treaty on the Functioning of the European Union (TFEU) and general principles of EU law, including principles of equal treatment and proportionality. The Supreme Court rejected the claim, finding that the UK had not breached EU law and that the appellant had no reasonable grounds for the claim.

The government of Jersey is seeking views on proposals to the Common Reporting Standard (CRS) and US Financial Account Tax Compliance Act (FACTA) Regulations. These changes aim to ensure Jersey’s legal framework for the CRS remains fully in line with global expectations and to address concerns about a potential lack of clarity regarding the way certain penalties are imposed. Responses to the consultation will inform changes to the Regulations which will be considered by the States Assembly in summer 2024. The deadline for submitting comments is 18 March 2024.

In the ever-fast-moving world of tax announcements and developments, this news pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.

HMRC has launched a technical consultation on draft guidance for two aspects of the Research and Development (R&D) tax reliefs due to be implemented on 1 April 2024.

Details of updates to HMRC import, export and customs guidance for the period from 5 February 2024 to 12 February 2024