-
May 1, 2024 | 
taxjournal.com | Peter Vaines |Johan Barros |Andrew Goldstone |James Quarmby
The Major Sporting Events (Income Tax Exemption) (2024 UEFA Champions League Final) Regulations, SI 2024/546, provide an exemption from UK income tax for certain non-resident individuals who have been accredited by UEFA in respect of their involvement with the 2024 UEFA Champions League Final, to be played at Wembley Stadium on 1 June 2024. The exemption will apply for income arising to accredited individuals in respect of activities performed during the period from 28 May to 2 June 2024.
-
May 1, 2024 | 
taxjournal.com | Peter Vaines |Johan Barros |Andrew Goldstone |James Quarmby
The OECD/G20 Inclusive Framework on BEPS has released the Consolidated Commentary to the Pillar Two Global Anti-Base Erosion (GloBE) Model Rules which replaces the original Commentary from March 2022. This now incorporates the three Agreed Administrative Guidance documents from February, July and December 2023.
-
May 1, 2024 | 
taxjournal.com | Peter Vaines |Johan Barros |Andrew Goldstone |James Quarmby
HMRC have launched a new online service allowing taxpayers to check and fill any gaps in their NICs record. The new tool takes the existing state pension forecast checking service one step further, bringing together data around gaps in an individual’s contribution record, and showing the effect of closing those gaps (by making voluntary contributions) on their state pension.
-
May 1, 2024 | 
taxjournal.com | Peter Vaines |Johan Barros |Andrew Goldstone |James Quarmby
HMRC have published a summary of its accounting officer’s assessment of the Making Tax Digital programme, finding that MTD represents value for money and is deliverable. The accounting officer was Jim Harra, Chief Executive of HMRC. The report sets out that MTD is expected to generate ‘additional tax revenue savings’ of over £6bn over 15 years (to 2033/34) ‘underpinning a healthy overall programme Return on Investment of 4.8:1’ (up from the June 2023 estimate of £3.9bn).
-
May 1, 2024 | 
taxjournal.com | Peter Vaines |Johan Barros |Andrew Goldstone |James Quarmby
Home >Articles > Latest on Spring Finance Bill
Latest on Spring Finance Bill
1 May 2024
The Committee of the whole House is scheduled to consider selected clauses of the Spring Finance Bill on income tax and CT rates and the energy profits levy security investment mechanism on 8 May, with the remaining clauses to be considered by a Public Bill Committee by 23 May.
-
May 1, 2024 | 
taxjournal.com | Peter Vaines |Johan Barros |Andrew Goldstone |James Quarmby
The UK and Scottish governments have published a joint response to their January 2024 consultation that confirms that they will proceed to devolving taxation powers to enable a building safety levy to be introduced in Scotland to help fund the repair of buildings with historical safety defects, particularly in light of the scale of the cladding issue in Scotland.
-
May 1, 2024 | 
taxjournal.com | Peter Vaines |Johan Barros |Andrew Goldstone |James Quarmby
The ATT has identified a potential problem with the processing of voluntary payments of class 2 NICs for the tax year 2022/23 for individuals with profits below the small profits threshold (£6,725) who opted to make contributions to preserve entitlement to contributory state benefits.
-
May 1, 2024 | 
taxjournal.com | Peter Vaines |Johan Barros |Andrew Goldstone |James Quarmby
Home >Articles > Removing agent authorisations
Removing agent authorisations
1 May 2024
HMRC have updated its basic guidance on agent authorisations to confirm that an authorisation can now be removed online via the personal tax account. The guidance also notes that, where an agent is being removed for self-assessment, the corresponding change needs to be made for Making Tax Digital (where appropriate).
-
May 1, 2024 | 
taxjournal.com | Peter Vaines |Johan Barros |Andrew Goldstone |James Quarmby
Home >Articles > Pensions schemes newsletter 159 Pensions schemes newsletter 159 1 May 2024 HMRC’s pension schemes newsletter 159 (April 2024) provides various updates, including the following: Public service pensions remedy: Pension Scheme newsletter 156 has been updated to confirm that, where interest is paid as required by an employment tribunal or Treasury directions in respect of the late payment of a benefit that is an authorised payment, the interest itself will also be an authorised...
-
May 1, 2024 | 
taxjournal.com | Peter Vaines |Johan Barros |Andrew Goldstone |James Quarmby
The Special Tax Sites (Applicable Sunset Date) Regulations, SI 2024/574, update the sunset dates for special tax sites in freeports and investment zones, meaning that the window for claiming tax reliefs in those sites will be extended from five to ten years. Special tax sites in freeports in England will now run until 30 September 2031, and all other special tax sites until 30 September 2034.
