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Latest tax news

The latest news about the UK's tax system brought to you by ICAEW's Tax Faculty.

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HMRC consults on recovery powers for CJRS and SEISS

1 June: HMRC will be able to recover grants issued under the Coronavirus Job Retention Scheme (CJRS) and Self-employed Income Support Scheme (SEISS), issue penalties and charge tax under proposed amendments to the Finance Bill.

COVID-19: More changes to IHT processes

1 June 2020: HMRC has further adapted its inheritance tax (IHT) processes to accommodate new ways of working during the coronavirus pandemic. ICAEW’s Tax Faculty outlines the changes.

Flexible furlough from 1 July under revised CJRS

29 May: Changes to the Coronavirus Job Retention Scheme (CJRS) will apply a month earlier than expected. From 1 July the scheme will allow part-time working, but staff must have been furloughed by 10 June to be eligible.

COVID-19: Second lump sum for self-employed

29 May: The Chancellor has announced a second and final grant to the self-employed who are eligible for the Self-employment Income Support Scheme (SEISS), to be capped at £6,570.

Tax news June 2020

Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.

HMRC to repay VAT on gaming machines

26 May: HMRC has published guidance outlining how businesses can reclaim overpaid VAT from the historical operation of some gaming machines. In April, the Upper Tribunal dismissed HMRC’s appeal in two long-running VAT cases where claimants argued that to charge standard rate VAT on the operation of specific types of gaming machines was a breach of ‘fiscal neutrality’.

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