Highlights from the broader tax news for the week ending 1 March 2023, including: advisory fuel rates; stamp taxes newsletter; HMRC’s SDLT postcode; arrests connected with Euro Pacific bank; ATED revaluations; and economic crime levy guidance.
Latest advisory fuel rates published
HMRC has published the first quarterly advisory fuel rates for 2023. From 1 March 2023, the rates for electric cars increase by 1 penny to 9p per mile. The rates for petrol cars and diesel cars fall by between 1p and 3p per mile depending on the engine size of the car. The rates for LPG cars remain unchanged if the engine size is 1,400cc or less and fall by 1p per mile otherwise. Employers can use previous rates for up to one month after the date the new rates apply.
HMRC publishes stamp taxes news letter
The February 2023 stamp taxes newsletter includes: a warning to homeowners on the risks of using stamp duty land tax repayment agents; reliefs for the Homes for Ukraine scheme; a summary of recent Upper Tribunal and First-tier Tribunal decisions; and highlights updates to HMRC guidance.
Use the correct postcode for SDLT related post
HMRC has a dedicated postcode for stamp duty land tax (SDLT). In order for SDLT post to be handled correctly, please use the SDLT postcode: BX9 1HD.
Arrests over connections with Euro Pacific Bank
HMRC is continuing its investigation into UK resident individuals who have held accounts through a Puerto Rican Bank, Euro Pacific. It has been writing to customers of the bank, urging them to consider their relationship with it and to make voluntary tax disclosures where it is necessary to do so. Two arrests have already been made. If they haven’t already done so, users of the bank should take appropriate advice and consider any disclosures that need to be made.
Annual tax on enveloped dwellings (ATED) revaluations
HMRC has issued a reminder that companies owning UK residential properties have one month to revalue and tell HMRC if any are worth more than £500,000 at 1 April 2022. The revaluation can be done by the owner or by a professional valuer and must be based on the value of the property on 1 April 2022, or the date of acquisition if this was after 1 April 2022. This valuation applies for the 2023/24 ATED chargeable period – and the following four periods.
Guidance on preparing for the economic crime levy
HMRC has issued guidance to help entities understand and prepare for the new economic crime levy. The annual charge will be payable by entities supervised under the money laundering regulations where their UK revenue exceeds £10.2m per year. HMRC will be the collection agency for ICAEW supervised firms and ICAEW is considering support for members.
Sign up to TAXwire
Sign up to the Tax Faculty newsletter which provides weekly updates on developments in tax practice and policy.Register nowFind out more about the Tax Faculty
This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.