In brief: 15 June 2023

National Insurance

Taxpayers now have until 5 April 2025 to fill gaps in their National Insurance record from April 2006 that may increase their state pension – an extension of nearly two years.

tinyurl.com/hmrcvolnic25

Money laundering

HMRC fined 240 businesses £3.2m between 1 July and 31 December 2022 for breaching the Money Laundering Regulations.

tinyurl.com/hmrcmlpens

Energy profits levy update

The Treasury has announced that the energy profits levy which puts a marginal tax rate of 75% on North Sea oil and gas production will remain in place until March 2028. The tax rate will fall back to 40% the rate before the levy was introduced when the oil and gas prices consistently return to normal levels for a sustained period.

tinyurl.com/hmrcenprlevy

VAT guide

HMRC has updated VAT Notice 700. It now reflects the introduction of VAT late submission and late payment penalties as well as the new interest regime.

tinyurl.com/hmrcvatn700

Uzbekistan

Uzbekistan has joined...