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HMRC’s Stakeholder Digest (11 May 2022) provides a round-up of the latest news and updates including information on financial support for SME businesses, tax-free childcare, tax credit renewals, Moscow stock exchange status, guidance on tax on tips, gratuities and service charges, EU import controls and data on transfer pricing and Diverted Profits Tax.

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 published a new VAT brief which clarifies HMRC’s position in relation to making a claim under the DIY Housebuilders Scheme, following the First-tier Tribunal’s decision in the case of Andrew Ellis and Jane Bromley.

HMRC has updated its import, export and customs guidance to reflect the post-Brexit regime. The update covers the period from 9 May 2022 to 16 May 2022.

The EU temporary state aid framework introduced in 2020 to support companies during the COVID-19 pandemic is gradually to be phased out.

The Welsh government has reached an agreement with the UK government on the establishment of freeports in Wales.

These Regulations extend the effect of the DOTAS provisions in FA 2021, which allow HMRC to issue notices where it reasonably suspects that arrangements are notifiable tax arrangements, to NICs arrangements.

These Regulations will exempt three new social security payments from income tax with retrospective effect from the date of their respective introductions.

Senegal has deposited its instrument of ratification for the BEPS Multilateral Instrument.

On behalf of Her Majesty the Queen, Prince Charles has set out the government’s priorities and proposed policies for the next parliamentary session at the State Opening of Parliament, which took place on 10 May 2022. These included the Brexit Freedoms Bill, the Data Reform Bill, the Financial Services and Markets Bill, the Trade (Australia and New Zealand) Bill, and the Procurement Bill. Adam Cygan, Professor in European Law at the University of Leicester, Sir Jonathan Jones QC (Hon), Senior Consultant at Linklaters LLP, Carl Gardner, Professional Support Lawyer at ½Û×ÓÊÓƵ, Benjamin Slinn, Associate at Baker McKenzie LLP, Scott Dorling, Partner and Head of Public Sector Group at Trowers & Hamlins LLP, Andrew Millross, Partner at Anthony Collins Solicitors LLP, Juli Lau, Legal Director at Sharpe Pritchard LLP, Nicola Summer, Partner and Head of Infrastructure at Sharpe Pritchard LLP, Deborah Ramshaw, Partner and Head of Procurement at Womble Bond Dickinson LLP, comment on the announcements and provide insight into what happens next.

Opening the 2022–23 Parliamentary session on 10 May 2022, the Queen's Speech set out the UK Government's legislative priorities including the following:

HMRC has published new guidance with information on the new VAT penalties and interest charges that will apply to everyone submitting VAT returns for accounting periods starting on or after 1 January 2023.

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 updated its tax credits guidance to confirm that tax-free pension lump sums should not be included in income for the purposes of tax credits claims and renewals.

HMRC has increased the interest rates for late payments of tax following the Bank of England’s decision on 5 May 2022 to increase the bank base rate from 0.75% to 1%.

The GAAR Advisory Panel has published an opinion on a director reward scheme using pension arrangements.

The OECD is seeking public comments on the Regulated Financial Services Exclusion under Amount A of Pillar One to address the tax challenges arising from the digitalisation of the economy.

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

The Government has issued a publication aiming to kickstart a conversation with businesses on reforming the UK’s capital allowances regime.

HMRC has published new factsheet CC/FS55 about penalties for inaccurate interest restriction returns and documents.