HMRC has announced consultations for the tax avoidance market and the practical implementation of common reporting for cryptoassets.  It has also announced the outcome of a consultation into business rates avoidance and the impact for England.

Investigations fraud

The following consultations were announced by the Chancellor in Spring Budget 2024:

 Raising standards in the tax avoidance market

A consultation  has been opened to explore options to raise standards in the tax advice market.  It sets out the three possible approaches to strengthening the framework

  • mandatory membership of a recognised professional body,
  • joint HM Revenue and Customs (HMRC) + industry enforcement, and
  • regulation by a separate statutory government body. 

The consultation seeks views on a number of points including

  • which groups of tax practitioners should be in scope or excluded from the proposed option, and
  • a first step of mandating registration with HMRC for tax practitioners who wish to interact with HMRC on behalf of their clients and the requirements that HMRC should establish to enable registration.

The consultation runs from 6 March to 29 May 2024.

 See HMRC Raising standards in the tax advice market: strengthening the regulatory framework and improving registration


Cryptoasset Reporting Framework and Common Reporting Standard

A consultation has been opened in relation to the UK's implementation of the OECD's Cryptoasset Reporting Framework and amendments to the Common Reporting Standard package which were announced on 10 November 2023.  Following their publication,the rules and commentary for the package has been agreed but the practical implementation is not prescribed in detail.

The consultation runs from 6 March to 29 May 2024.

See HMRC Cryptoasset Reporting Framework and Common Reporting Standard

Also HMRC Cryptoasset Reporting Framework and Amendments to the Common Reporting Standard  


Business Rates avoidance

From 1 April 2024

  • In England the government is extending the Empty Property Relief 'reset period' from six weeks to three months (13 weeks).  This will reduce the financial incentive to avoid business rates on empty properties through 'box shifting'. 
  • The government is also announcing a consultation on a General Anti-Avoidance Rule for business rates in England and committing to improved communications for ratepayers to help combat rogue business rates agents.

See HMRC Business Rates Avoidance and Evasion Consultation : Summary of Responses


Useful guides on this topic

Spring Budget 2024: At a glance

 A summary of the key measures anounced that affect individuals and businesses

External links

Spring Budget 2024 

Back to Budget 2024