Tax | Budget 2024: double cab pickup trucks treated as cars again

Labour has ‘revisited the fiasco from eight months ago’ by making double cab pick up trucks taxable as cars when having a payload one tonne and over

31 Oct 2024

Tax

Business Tax

Budget

Tax | Budget 2024: non doms face inheritance tax with 10-year rule

Current remittance basis rules for non doms will be abolished from 6 April 2025 and switched to a ‘system based on tax residence’

31 Oct 2024

Tax

Personal Tax

Tax Compliance

Tax Planning

Budget

Tax | Budget 2024: £1.6bn funding for 7k extra HMRC staff

The Chancellor is to give HMRC £1.6bn to hire compliance and debt management staff, raising an additional £4.7bn in 2029-30

31 Oct 2024

Tax

HMRC

Tax Compliance

Budget

Tax | Budget 2024: high income child benefit charge will not be reformed

Plans to move to a household based system for the high income child benefit charge (HICBC) to change the calculations to joint household income will no longer go ahead

31 Oct 2024

Tax

Personal Tax

Tax Compliance

Budget

Tax | Budget 2024: employment allowance doubled to £10.5k

To counter the impact of the 1.2% hike in employer’s national insurance contributions to 15%, the employment allowance will be increased

31 Oct 2024

Tax

Business Tax

Employment Tax

Budget

Tax | Budget 2024: 50% hike on private jet passenger tax

Wealthy individuals flying on private jets will face a sharp increase in the higher rate of air passenger duty (APD)

31 Oct 2024

Tax

Personal Tax

Budget

Business | Budget 2024: overhaul of tax on private equity managers

Staff at private equity and asset management firms will be hit with higher rates of tax on carried interest with move to income tax and NI charges in 2026

31 Oct 2024

Business

Private Equity

Tax

Personal Tax

Budget

Tax | Budget 2024: reduced business rates for hospitality

The Chancellor has reduced the level of business rate discounts for the retail, hospitality and leisure (RHL) businesses from 2026, while small business scheme is extended

30 Oct 2024

Tax

Business Tax

HMRC

Budget

Tax | Budget 2024: business asset disposal relief up to 14%

Business owners face a gradual reduction in capital gains tax breaks on business asset disposal relief (BADR) but it survives another day

30 Oct 2024

Tax

Business Tax

Budget

Tax | Budget 2024: immediate hike in CGT rates

The lower and higher rates of capital gains tax (CGT) will be increased from 30 October 2024 which could lead to a mass sale of assets and a huge increase in tax receipts

30 Oct 2024

Tax

Property Tax

HMRC

Tax Planning

Budget

Tax | Budget 2024: inheritance tax reliefs removed

In sweeping changes to inheritance tax, the Chancellor confirmed reforms to business and agricultural property relief with reduced 20% IHT rate

30 Oct 2024

Tax

Personal Tax

Tax Planning

Budget

Tax | Budget 2024: higher HMRC interest rates on overdue tax

As part of measures to clamp down on bad payers, the Chancellor said that HMRC will have the power to hike up even further the rates of interest they charge

30 Oct 2024

Tax

HMRC

Tax Compliance

Budget

Tax | Budget 2024: tax thresholds to increase in 2028

Income tax thresholds frozen by the Conservative Party in 2021 until 2028 have been defrosted by Rachel Reeves from the 2028/29 tax year

30 Oct 2024

Tax

Personal Tax

Budget

Tax | Budget 2024: fuel duty frozen yet again

Despite the temptation to hike fuel duty, the Chancellor once again froze rates rather than than imposing an average £60 hike on drivers

30 Oct 2024

Tax

Personal Tax

Budget

Tax | Budget 2024: SDLT hiked by 2% for second properties

The Chancellor has not wasted anytime increasing stamp duty for second home owners with the higher rate of 5% in force from 31 October 2024

30 Oct 2024

Tax

Property Tax

Budget