Monthly Tax Update

Objectives

To update delegates on recent and proposed changes in taxation that are relevant to their clients.

Key Topics

• • SPRING BUDGET 2024 OVERVIEW
  • Personal Tax
  • Income Tax charge & rate
  • Starting Rate for Savings Limit
  • Collective money purchase (CMP) winding up
  • Changes to the Capital Gains Tax rate on UK residential property disposals
  • High Income Child Benefit Charge threshold
  • IHT Agricultural property relief and woodlands relief restricted to UK land
  • Corporate Tax
  • Corporation Tax rates
  • Additional support for independent films
  • Permanent extension for higher rates of TTR, OTR, MAGTR
  • Stamp Duty Land Tax
  • SDLT Multiple Dwellings Relief (MDR)
  • SDLT — Acquisitions by Registered Social Landlords and Public Bodies
  • SDLT– First-time Buyers’ Relief: Leases and Nominees
  • Other Levies and Duty Changes
  • Energy Profits Levy – Energy Security Investment Mechanism
  • Economic Crime Levy
  • Anti-Avoidance
  • Changes to Transfer of Assets Abroad Provisions
  • VAT
  • Bringing Carbon Credits trades into scope of Terminal Markets Order (TMO)
  • DIY Housebuilders Scheme: Power to request evidence
  • Tax Administration and Other Measures
  • Penalty Reform — VAT Credit Amendment
  • Measures in Spring Budget 2024 but not in Spring Finance Bill 2024
  • A reduction in the main rates of Primary Class 1 and Class 4 NICs
  • Class 2 National Insurance contributions — Commitment to Consult
  • Replacing Non-UK Domicile tax rules with a residence-based regime
  • UK Individual Savings Account (ISA)
  • ISAs and Fractional Share Contracts
  • Amending to Gift Aid legislation
  • Abolition of the Furnished Holiday Lettings (FHL) tax regime
  • Tax on environmental land management and ecosystem service markets
  • Technical consultation on extending full expensing to leased assets
  • Additional tax relief for expenditure on visual effects
  • Energy Profits Levy — One Year Extension
  • Freeport tax reliefs sunset date extension
  • Amendments to Common Reporting Standard (CRS2)
  • Crypto-Asset Reporting Framework (CARF)
  • Easing the payment of Inheritance Tax before probate or confirmation
  • Guidance on deductibility of training
  • Vaping Products Duty
  • Alcohol Duty Uprating
  • Closure of the Alcohol Duty Stamps Scheme
  • VAT Registration Threshold: increase to £90,000
  • Landfill Tax Rates for 2025 to 2026
  • Landfill Communities Fund 2024 to 2025
  • Air Passenger Duty rates (APD) 2025-2026
  • Fuel Duty main rates
  • Road Fuel Gases Rates
  • VAT Treatment of Private Hire Vehicles
  • Raising standards in the tax advice market: Regulatory Framework
  • Tackling non-compliance in the umbrella company market
  • FINANCE ACT 2024 GETS ROYAL ASSENT
  • MTD FOR INCOME TAX – DIGITAL REQUIREMENTS REGULATIONS
  • HMRC MTD ITSA Update Notice – 22 February 2022
  • A relevant person within charge to income tax under Part 2 of ITTOIA 2005
  • A relevant person with property income chargeable to Part 3 of ITTOIA 2005
  • Turnover below the VAT registration threshold
  • Retail sales
  • RECENT TAX CASES AND OTHER RECENT DEVELOPMENTS
  • Camping Pods were Plant and Machinery
  • HMRC “Nudge” Letters – Check your AIA claim
  • New Forms for Marriage Allowance and Job Expenses
  • Changes to the form R40
  • 2024/25 Annual Tax on Enveloped Dwellings (ATED) returns
  • Sub-contracted R&D under the new “Merged” R&D Regime
  • Existing R&D rules
  • Calculation of qualifying R&D expenditure under existing rules
  • Finance Act 2024 - Merged R&D rules
  • Double Cab Pick-Up Handbreak Turn
  • EIM23151 - Car benefit: double-cab pickups 1 July 2024 onwards
  • CA23511 - Plant and Machinery Allowances (PMA): double cab pick-ups
  • Example - Showing Difference In Tax Treatment From 1 July 2024
  • Termination payments — HMRC Clearance
  • Advisory Fuel Rate for Company Cars

Who should attend?

Accountants in general practice who advise on tax planning and compliance.