Issue 1715

Analysis

• The trials and tribulations of interest withholding tax
• Beard: dividends of a capital nature
• Keeping the receipts: HMRC’s burden in company insolvencies
• The VAT review for July 2025
• Avoiding mistakes and costs when deregistering from VAT

In brief

• Section 899 compromise shifts international tax landscape
• The implications of G7 agreement on the global minimum tax

News

• HMRC manual changes: 4 July 2025
• G7 agreement removes US ‘retaliatory’ tax
• Cryptoasset reporting requirements introduced
• Rise in transfer pricing tax demands but fines slump
• Class 2 NICs error corrected, say HMRC
• PISCES stamp taxes exemption introduced
• Technical changes to ISA rules
• CIOT flags non-dom uncertainties
• US Senate passes OBBA
• Information exchange rules expanded

Cases

• Marlborough DP Ltd v HMRC
• HMRC v Dolphin Drilling Ltd
• JPMorgan Chase Bank NA v HMRC
• Other cases that caught our eye: 4 July 2025

One minute with

• One minute with... David Maslen

Trackers

• HMRC manual changes: 4 July 2025
• Tax watch: 4 July 2025