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The Regulations make amendments to the Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations, SI 2020/1457 to implement preferential customs import duty rates agreed under further free trade arrangements entered between the UK and other countries. They also amend the Customs (Tariff Quotas) (EU Exit) Regulations, SI 2020/1432.

These Regulations form part of the legislation for customs duty and VAT made under the Taxation (Cross-border Trade) Act 2018 (TCTA). The instrument extends the staged customs controls, which have been in place since 1 January 2021 and were due to end on 30 June 2021.

HMRC has updated its guidance for companies on claiming relief from corporation tax for trading losses by inserting a new section about the temporary extension to carry back of trade losses.

HMRC has updated its guidance to section 1.10 to say how CIS payments and deductions should be reported to HMRC for individual traders and partnerships.

Finance Act 2021

These Regulations update the 'Tariff of the United Kingdom' reference document which was given effect by the Customs Tariff (Establishment) (EU Exit) Regulations, SI 2020/1430. They come into force on 10 June 2021 in accordance with The Customs Tariff (Establishment) (EU Exit) (Amendment) (No 2) Regulations 2021 (Appointed Day) Regulations 2021 (SI 2021/690).

These Regulations make amendments to Commission Delegated Regulation (EU) 2015/2446 supplementing certain provisions of the Union Customs Code as it forms part of retained EU law, to tighten controls on high value consignments.

HMRC has published its bi-monthly magazine providing the latest information on payroll-related topics for employers and agents.

The Law Society has responded to HMRC’s consultation on a range of new measures to disrupt the business models relied on by promoters of tax avoidance.

Businesses and their advisers are reminded that HMRC has set a deadline of the 21 June 2021 for those wishing to join the VAT deferral new payment scheme.

The Office of Tax Simplification (OTS) has published a document setting out the scope of a new high-level exploration of the benefits, costs and wider implications of changing the date of the end of the tax year for individuals and will publish a further report over the Summer of 2021.

In the ever-fast-moving world of tax announcements and developments, this news pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.

7 June 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

HMRC has updated its import, export and customs guidance to reflect the post Brexit regime. The update covers the period from 31 May 2021 to 7 June 2021.

G7 Finance Ministers strike agreement on global tax reform that will mean the largest multinational tech giants will pay their fair share of tax in the countries in which they operate.

HMRC has updated VAT Notice 723A with information in relation to the rules for claiming VAT. Updates have also been added in relation to refunds for EU businesses incurred on or before 31 December 2020.

The OECD has published the public comments received on proposed changes to commentaries in the OECD Model Tax Convention on Article 9 and related articles.

HMRC has updated its guidance on claims for extended loss carry-back claims for companies.

HMRC has published updated road fuel scale charge tables for VAT which apply from 1 May 2021.

The Government has responded to the House of Commons Treasury Committee’s report ‘Tax after Coronavirus’, published in March 2021.