Latest News and Information from HMRC

Read the latest news and information from HMRC here:

At the Autumn Statement in November the government announced a comprehensive set of tax simplification measures to make it easier
for businesses and individuals to interact with the tax system.  

Following this, the government is now setting out further measures
to simplify the experience of taxpayers, using the efficiencies of digital services to drive public sector productivity. The measures include:  

Enhancing the Non-Reimbursed Expenses Service

Simplifying how employees can claim tax relief on expenses by
designing a new online service for employees to claim tax relief on all
their expenses in one place, meaning employees will get relief sooner. HMRC will provide further details on this later in the year. 

Mandating the payrolling of benefits in kind

The reporting and paying of Income Tax and Class 1A National
Insurance Contributions on benefits in kind via payroll software will
be mandated from April 2026. HMRC will engage with stakeholders
to discuss proposals to inform design and delivery decisions, and draft legislation will be published later in the year as part of the tax legislation process. HMRC will also work with industry experts to produce
guidance, which will be made available in advance of 2026.  

Amending the parents’ NI Credit (Child Benefit)

Carers and parents will be able to claim National Insurance Credits
for tax years where they have not claimed Child Benefit to ensure that people do not miss out on their State Pension entitlement. Individuals
will be able to claim this Credit from April 2026. The eligibility for the
Credit will be closely based on Child Benefit eligibility criteria.
Transitional arrangements will ensure those affected since 2013 are
still able to claim, and applications will be available for six years
following the relevant tax year. The government will bring forward secondary legislation as soon as possible.

Consultation on tax simplification for alternative finance

A consultation proposing changes to the Capital Gains Tax (CGT) rules that apply to alternative finance arrangements has been launched. The proposed changes seek to amend those rules so that where property is used as collateral for the purposes of raising finance, the CGT outcome is the same whether alternative finance or conventional finance is used. The consultation will be open for 12 weeks, closing on 9 April 2024. 

Reform of the UK law in relation to Transfer Pricing, permanent establishment and Diverted Profits Tax

A summary of responses from a consultation undertaken last summer, which proposed reforms to transfer pricing, permanent establishment
and Diverted Profits Tax legislation. The government will continue to engage with stakeholders on the proposed approach set out in the summary of responses with a view to publishing draft legislation for consultation later in 2024. 

More information about the measures announced today are available on GOV.UK

Spring Budget 2024 representation portal is now open

On 27 December 2023 HM Treasury announced that the Spring Budget will be held on 6 March 2024. They have opened their Budget representation portal where individuals, organisations and Members of Parliament can submit comments on existing policy, or suggestions for new policy, for consideration in the Statement. You can find the portal online here. The portal will close at 5pm on 24 January 2024.

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