Monthly Tax Update

Objectives 

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

Key Topics

FINANCE BILL 2023-24

• Reliefs for Businesses etc
• Full Expensing for Expenditure on Plant and Machinery
• R&D – Additional Relief for SMEs and Merger of Schemes
• Reform of Film, TV, Video Games and AV Tax Relief
• Theatre, Orchestras, Museums, Galleries and Exhibitions
• Creative Industry Tax Reliefs - Administration Changes
• Real Estate Investment Trust (REIT) Amendments
• Tonnage Tax – Increased Capital Allowances for Leasing
• EIS and VCT extension
• Tax Exemption for Post Office Compensation
• EMI Share Options – Extension of Time Limit for Notification
• Income Tax Measures
• Pensions - Abolition of Lifetime Allowance
• Taxation of the pension remedies for Members of Parliament
• 1Extending the cash basis to All Unincorporated Businesses
• Off-Payroll Working – Reduction in PAYE for Deemed Employer
• Carer’s Allowance – correction
• Other Taxes
• Stamp Duty and Stamp Duty Reserve Tax – Growth Markets
• Capital Raising – Removal of 1.5% SD and SDRT charge
• Pillar 2 - Multinational Top-Up Tax Amendments
• Excise Duties
• Tobacco duty rates
• Rates of Vehicle Excise Duty (VED )
• Rates of Air Passenger Duty
• Environmental Taxes
• Rates of Landfill Tax
• Aggregates Levy Rate for 2024 to 2025
• Plastic Packaging Tax rate
• Administration and Tax Avoidance
• Tax Fraud – Maximum Prison Term Increased
• Promoters of Tax Avoidance Schemes
• Construction Industry Scheme – Gross Payment Status
• Additional Information to be Included in Returns
• Making Tax Digital: volunteers and penalties

MEASURES ANNOUNCED BUT NOT IN THE AUTUMN FINANCE BILL

• Personal Tax Announcements
• National Insurance contributions (NICs) rates
• National Insurance contributions (NICs) rates and thresholds
• Extension of National Insurance contributions (NICs) relief for hiring veterans
• Van benefit charge and the car and van fuel benefit charges for 2024 to 2025
• Individual Savings Account (ISA) annual subscription limit
• Child Trust Funds annual subscription limit
• Junior ISA annual subscription limit
• Lifetime ISA annual subscription limit
• Help to Save reform
• Digitising the ISA reporting system
• Pension Schemes Relief at Source (RAS)
• Surplus extraction arrangements for defined benefit pension scheme
• Announcement of future guidance changes to tax relief for self-employed
• Compensation Schemes — Post Office Limited
• Corporate Tax
• Pillar 2: Undertaxed Profits Rule (UTPR)
• Repeal of Offshore Receipts in respect of Intangible Property (ORIP)
• Electricity Generator Levy: new investment exemption
• Energy Profits Levy (EPL): Energy Security Investment Mechanism (ESIM)
• Payments into decommissioning funds for Carbon Capture Usage and Storage
• Freeport tax reliefs sunset date extension
• Investment Zones tax reliefs sunset date extension
• Call for evidence on further support for visual effects
• Indirect Tax
• Alcohol duty rates
• The tax treatment of remote gambling
• Gaming duty
• Aggregates Levy rate for 2025 to 2026
• Carbon Price support rates
• Climate Change Levy rate
• Future of the Climate Change Agreement scheme
• Emissions Trading Scheme (ETS) net zero cap
• Women’s sanitary products
• Reforms to the VAT energy-saving materials relief
• VAT Treatment of private hire vehicle operator
• Tax administration and other measures
• Simplifying Making Tax Digital (MTD) for Income Tax Self Assessment
• Annual Tax on Enveloped Dwellings (ATED)

TECHNICAL NOTE ON CHANGES TO R&D TAX RELIEF

• Introduction
• The merged scheme
• Additional tax relief for R&D intensive SMEs

OTHER RECENT DEVELOPMENTS

• MTD for Income Tax – Small Business Review Outcome
• Reclaiming Employers NIC on Car Allowances
• National Minimum Wage (NMW)
• Advisory Fuel Rate For Company Cars

APPENDICES

• Income Tax Rates and Allowances (Table A)
• Registered Pension Schemes (Table B)
• Car and Fuel Benefits (Table C)
• 2024/25 National Insurance Contributions (Table D)
• Capital Gains Tax and Inheritance Tax Rates (Table E)
• Stamp Duty Land Tax Rates and Bandings (Table F)
• Annual Tax on Enveloped Dwellings (ATED) Rates (Table G)

Who Should Attend

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