NEWS

The Government of India has introduced a series of GST amendments effective from October 1, 2025. These include major updates to compliance processes, return filing, and exemptions for SMEs. The reforms are aimed at reducing complexity while broadening the tax base.

In her Mansion House speech on 15 July 2025, Rachel Reeves set out her vision of reform for the UK financial services sector, with a particular focus on cutting ‘unnecessary financial red tape’, reviewing regulation across the industry and creating the conditions to free up capital for investment in the UK. Much of the detail is set out in the UK Government’s Financial Services Growth and Competitiveness Strategy – a 10-year plan ‘to drive the growth and competitiveness of financial services in the UK’, aiming to position the UK as the ‘global location of choice’ for investment.

In her Mansion House speech on 15 July 2025, Rachel Reeves set out her vision of reform for the UK financial services sector, with a particular focus on cutting ‘unnecessary financial red tape’, reviewing regulation across the industry and creating the conditions to free up capital for investment in the UK. Much of the detail is set out in the UK Government’s Financial Services Growth and Competitiveness Strategy – a 10-year plan ‘to drive the growth and competitiveness of financial services in the UK’, aiming to position the UK as the ‘global location of choice’ for investment.

In her Mansion House speech on 15 July 2025, Rachel Reeves set out her vision of reform for the UK financial services sector, with a particular focus on cutting ‘unnecessary financial red tape’, reviewing regulation across the industry and creating the conditions to free up capital for investment in the UK. Much of the detail is set out in the UK Government’s Financial Services Growth and Competitiveness Strategy – a 10-year plan ‘to drive the growth and competitiveness of financial services in the UK’, aiming to position the UK as the ‘global location of choice’ for investment.

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

In her Mansion House speech on 15 July 2025, Rachel Reeves set out her vision of reform for the UK financial services sector, with a particular focus on cutting unnecessary financial red tape, reviewing regulation across the industry...

The CIOT has responded to HMRC’s consultation, Transfer pricing: scope and documentation. (This was separate to the related consultation, Reform of transfer pricing, permanent establishment and diverted profits tax, highlighted in last week’s...

HMRC have refreshed their guidance, Apply for Marriage Allowance by post, to clarify that backdated marriage allowance (i.e. the transferable tax allowance for married couples and civil partners) claims for 2021/22 onwards can only be made by post...

HMRC’s guidance, How late payment penalties work if you pay VAT late, has been updated to reflect the 3% penalties for tax overdue at days 15 and 30 (the two phases of the ‘first late-payment penalty’) and 10% where tax is overdue by 31 days or more....

HMRC do not know how many billionaires pay tax in the UK, or how much they contribute overall, the Public Accounts Committee concludes in a new report. The paper, Collecting the right tax from wealthy individuals, finds that ‘HMRC has no overview of...