NEWS

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.

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

The Public Accounts Committee (PAC) in its latest report focuses on HMRCs already poor service to taxpayers that it says has become even worse. It urges the tax authority to take responsibility for how it has failed its customers and to act...

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...

Speaking at her first engagement as Director of the Institute for Fiscal Studies, Helen Miller said that the Government should focus on the ‘big challenges’, adopting a coherent tax strategy rather than ‘tinkering around the edges’. At the event...