NEWS

HMRC have updated their lists of late-payment and repayment interest rates, following the reduction of the bank base rate to 4.25%. With effect from 28 May 2025, the late-payment interest rate is 8.25% and the repayment rate is 3.25%, for most taxes....

HMRC conducted 648 dawn raids last year, up from 623 raids in the previous year, in their continuing campaign against tax evasion, according to figures obtained by Pinsent Masons. Pinsents note that HMRC have conducted property raids to pursue...

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

The CIOT has responded to the consultation on reforms to IHT agricultural property relief and business property relief concerning their application in relation to trusts. The key points raised in the response include the concern that the proposals...

As announced in the spring update, the tool has been amended to simplify the language. Information for some taxpayers has been removed where special rules apply and is now covered within the tool itself. Useful links have also been included for...

HMRC’s online tool to help taxpayers understand tax compliance checks is now live. The Interactive Compliance Guidance tool brings together existing compliance guidance and videos in one place, making it easier to find and navigate the appropriate...

HMRC have published Employment Related Securities Bulletin 60. Updates in the Bulletin include: Employer’s National Insurance contributions joint elections changes to the administration process: changes have been made to elections to transfer...

The Low Pay Commission (LPC) has launched a consultation seeking evidence to help guide its recommendations on the 2026 national minimum wage (NMW) and national living wage (NLW) rates. The consultation focuses on the affordability, effects and...

Talks on a UK-India free trade agreement (FTA) concluded on 6 May and, subject to the legal text being finalised satisfactorily, signing of the deal is expected in due course (and it will enter into force following completion of the relevant...

The Centre for Economics and Business Research (CEBR) has published a new report on the impact of the FA 2025 changes to domicile and removal of the remittance basis from 2025/26 onwards. Key findings include: should 25% of non-dom remittance basis...