Tax

• IESBA releases final code revisions to group audits

  Read a roundup of recent developments affecting finance professionals, including an update from the UK Endorsement Board on IAS 12 reforms.

• UK unveils scheme for energy-intensive companies; IESBA proposes code revisions

  This roundup examines the UK government’s plan to support energy-intensive businesses and the IESBA’s exposure draft on tax planning.

• Chancellor outlines help for business rate payers

  UK Chancellor Jeremy Hunt announced help on business rates, including extended relief for retail, hospitality, and leisure businesses.

• UK chancellor announces reversal on corporate tax, other measures

  Jeremy Hunt says that, for now, the government will not proceed with previously announced plans to keep the corporate rate at 19% for some businesses.

• FRC sets out guidance and expectations for deferred tax asset disclosure

  The FRC reviewed company annual reports and identified opportunities for how companies can improve the quality of disclosures.

• UK fiscal plans match Association advocacy initiatives

  The UK government plans to provide relief measures, including raising National Insurance thresholds in line with income tax, as a relief to taxpayers in difficult economic times.

• Analysis: Corporate filings show global tax deal leaves billion-dollar loopholes

  The OECD acknowledged that companies could continue to benefit from profit-shifting strategies already in place but expects companies to be unable to build up such tax shields in the future.

• Chancellor’s UK Budget increases spending on skills, R&D

  The Chancellor of the Exchequer Rishi Sunak announced an increase in public spending on R&D to £20 billion a year by 2024 and a total £3.8 billion increase in skills spending.

• Historic global tax deal taking final shape

  After years of difficult negotiations, an OECD-brokered deal to update international corporate tax rules has the support of all OECD countries and is closer to becoming reality.

• Making Tax Digital for Income Tax Self Assessment postponed to 2024

  Businesses with an income of more than £10,000 must use the new system from 2024, with simple partnerships joining in 2025.

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