Jenny Doak

Dec 4, 2024 | taxjournal.com | Jenny Doak |Akash V. Mehta |Heather Self |Tanja Velling

Before looking at global trends it is worth noting that the UK introduced non-resident taxation on chargeable gains back in 1973 in the form of what is now TCGA 1992 s 276. This provides that non-residents which otherwise do not have a permanent establishment in the UK are subject to chargeable gains on disposals of ‘exploration or exploitation assets’ and ‘exploration or exploitation rights’.

May 29, 2024 | taxjournal.com | Stuart Pibworth |Jenny Doak |Victoria Braid |David Whiscombe

It is worth noting the Cabinet Office general election guidance for civil servants which outlines (in ) what happens to consultations during a general election period. According to the guidance, new public consultations should not be launched during the election period (unless there are exceptional circumstances, which seems unlikely for tax policy consultations).

May 29, 2024 | taxjournal.com | Stuart Pibworth |Jenny Doak |Victoria Braid |David Whiscombe

In the early days of the general election campaign, the political parties have made several pledges on tax, although headroom for more than minor changes would appear to be limited, as the IFS notes in a recent report on public finances and the general election (see below).

May 29, 2024 | taxjournal.com | Stuart Pibworth |Jenny Doak |Victoria Braid |David Whiscombe

Finance (No. 2) Act 2024 received royal assent on 24 May 2024. The King’s assent was notified in the House of Lords via the letters patent process at just after 20.30, together with assent to various other Bills which had made it through the wash-up process. Following the Prime Minister’s general election announcement on 22 May 2024, all Finance (No 2) Bill remaining stages in both Houses of Parliament were brought forward and completed before prorogation of Parliament on 24 May.

May 29, 2024 | taxjournal.com | Stuart Pibworth |Jenny Doak |Victoria Braid |David Whiscombe

HMRC have published revised advisory fuel rates from 1 June 2024. The rates are to be used only where employers either reimburse employees for business travel in their company cars or require employees to repay the cost of fuel used for private travel. The changes in rates are not significant, with small increases to the petrol and diesel amounts (generally 1p in each band) while the LPG rates are unchanged from the previous quarter.