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Deferred SA payments
HMRC has updated its guidance on deferring the second payment on account. It states that June 2020 self-assessment statements showed 31 January 2021 as the due date for paying the July 2020 payment because HMRC updated its IT systems to prevent taxpayers incurring late payment interest on any July 2020 payment made between 1 August 2020 and 31 January 2021.
Stamp duty land tax
HMRC has published new guidance on the temporary reduced rates of SDLT for residential property purchases.
LBTT
A temporary increase in the nil rate band for land and buildings transaction (LBTT) tax residential property transactions from £145 000 to £250 000 will be introduced from 15 July the Scottish government announced. The cut will remain in place until 31 March 2021.
EU
The European Commission has begun a competition...
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