Tax Matters Digest

At the start of the week the Government issued Guidelines for Compliance 13 which clarify HMRC’s expectations when taxpayers file returns and other tax documents. Grounded in the requirement to provide a declaration that the information provided is correct and complete to the best of the taxpayer’s knowledge, this guidance is intended to address HMRC’s concern that some taxpayers do not undertake sufficient checks before making such a declaration. Our article provides a summary of the guidelines and the practical implications for taxpayers.

As one would expect, the wheels of Pillar Two have continued to turn over the summer and our third article provides an update on developments in relation to HMRC’s manual, the multilateral agreement to exchange GloBE information, updates on qualifying taxes and a timely reminder of registration deadlines for March year end groups.

We follow this with a more niche article on recent amendments to HMRC’s guidance relevant to lease in lease out (LILO) situations. This is a complex part of the tax code which often troubles, so this article will be worth a read if it affects you.

Turning to tax administration, we include a link to a recent article which looks at HMRC’s Transformation Roadmap and sets out the headline themes and actions for tax leaders in a digital-first future.

We also link to the latest City AM column authored by Tim Sarson which asks what the Chancellor should do in the upcoming Budget.

In our Other News In Brief we include a roundup of other news over the last month including the synthesised text of the Multilateral Instrument and certain UK tax treaties, ministerial changes, consultations published on EU CBAM implementation and revisions to HMRC’s late payment interest rates following a reduction in the Bank of England base rate. 

Finally, we end with links to the most recent editions of Indirect Tax Weekly Talking Points and our regular Week in Tax editions that include a round-up from KPMG member firms around the globe.