The much-anticipated India-UK Free Trade Agreement (FTA) is on track to be signed by both nations by the end of this month, according to an official source. UK Prime Minister Rishi Sunak is planning to visit India in late October to formally sign this significant agreement. This FTA is poised to enhance bilateral trade in goods and services, as well as promote foreign direct investment flows.

Reforms to Diverted Profits Tax (DPT), Transfer Pricing, and Permanent Establishments Released on June 19, 2023, HMRC’s consultation paper puts forth suggestions regarding the alteration of transfer pricing, the delineation of permanent establishments, and diverted profits tax.

In its consultation document, HMRC explores data collection changes for potential taxpayer return pre-population. Additionally, it outlines possible reforms to obtain information from third parties under Sch 36, Finance Act 2008.

The rise of social media and digital platforms has opened up new opportunities for online influencers. However, it has also brought about tax implications that influencers need to be aware of. While there are no special tax rules for influencers, they are treated like any other self-employed individuals. Even if influencing is not their main source of income, they must declare their earnings to HMRC.