Chancellor Rachel Reeves delivered her first Budget on 30 October 2024. Together with the headline increase in employer NICs the Chancellor’s changes to CGT rates and reform of IHT reliefs are expected to impact on businesses with carried interest also brought into focus.
The Budget also confirmed replacement of the remittance basis regime from April 2025 with a number of changes – and more than 100 pages of hotly-anticipated draft legislation and removal of the VAT exemption for private school fees from an unchanged 1 January 2025 start date.
Many of the smaller announcements were of equal interest including extending mandation of Making Tax Digital for Income Tax at some point during the current Parliament and increasing the HMRC late-payment interest rate.
Changes to capital gains tax had been widely anticipated with prominent members of the then shadow cabinet having refused to rule out increases...
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Chancellor Rachel Reeves delivered her first Budget on 30 October 2024. Together with the headline increase in employer NICs the Chancellor’s changes to CGT rates and reform of IHT reliefs are expected to impact on businesses with carried interest also brought into focus.
The Budget also confirmed replacement of the remittance basis regime from April 2025 with a number of changes – and more than 100 pages of hotly-anticipated draft legislation and removal of the VAT exemption for private school fees from an unchanged 1 January 2025 start date.
Many of the smaller announcements were of equal interest including extending mandation of Making Tax Digital for Income Tax at some point during the current Parliament and increasing the HMRC late-payment interest rate.
Changes to capital gains tax had been widely anticipated with prominent members of the then shadow cabinet having refused to rule out increases...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
