The CIOT has written to the Treasury Committee outlining thoughts and concerns on key tax measures announced at Autumn Budget 2024. The following points may be of particular interest for practitioners:
NICs: the increase in employer contributions could lead to an increase in ‘false self-employment’; HMRC will need to be ‘sufficiently resourced to tackle this’;
IHT: the proposed cap on agricultural and business property reliefs could trigger an increase in lifetime gifts and the restructuring of farm businesses with the potential to reduce the expected revenue from the measures. A longer more gradual transition rather than full implementation in April 2026 could also be a fairer way to introduce the changes. Aside from the well-reported concerns around the impact on smaller farms more estates brought into IHT will create extra administrative work – not only for businesses but also for HMRC. Bringing inherited pensions...
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:
The CIOT has written to the Treasury Committee outlining thoughts and concerns on key tax measures announced at Autumn Budget 2024. The following points may be of particular interest for practitioners:
NICs: the increase in employer contributions could lead to an increase in ‘false self-employment’; HMRC will need to be ‘sufficiently resourced to tackle this’;
IHT: the proposed cap on agricultural and business property reliefs could trigger an increase in lifetime gifts and the restructuring of farm businesses with the potential to reduce the expected revenue from the measures. A longer more gradual transition rather than full implementation in April 2026 could also be a fairer way to introduce the changes. Aside from the well-reported concerns around the impact on smaller farms more estates brought into IHT will create extra administrative work – not only for businesses but also for HMRC. Bringing inherited pensions...
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:
