Highlights from the broader tax news for the week ending 20 July 2022, including: EMI valuations; June 2022 import VAT statements; and tax avoidance litigation decisions.
Change to period of validity of EMI valuations
During the COVID-19 pandemic, the period for which a valuation agreed with HMRC remains valid for the grant of EMI options was extended from 90 days to 120 days. In Employment Related Securities Bulletin 44, HMRC has announced that the period will revert to 90 days for letters issued by HMRC on or after 1 December 2022.Issues with import VAT statements for June 2022
HMRC has identified a technical issue with import VAT statements produced for June 2022. As a result of the issue, the import VAT figures showing on the statement may not be correct.Businesses should not use import VAT statements published by HMRC between 4 July and 8 July 2022 (inclusive). Corrected statements should show on the dashboard with a date later than 13 July 2022.
Further guidance on this issue should be published at Complete your VAT Return to account for import VAT in due course.
Tax avoidance litigation decisions
HMRC has published a list of litigation decisions for 2021 to 2022 where it considers that tax avoidance was involved.Sign up to TAXwire
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