Hello
Scotland has set its budget for 2025-26, we look at the UK's Corporation Tax roadmap and reforms to Carried Interest. We are now in office party season and it's still raining in many places. 'Ho, ho ho: is it beginning to feel a bit like 'Christmas'?
In O’Neill Wetsuits Ltd v HMRC [2024] TC09362, the First Tier Tribunal (FTT) found that wetsuits should be classified as ‘vulcanised rubber’ which has a 4% customs duty rate rather than 'textile' which has a 8% customs duty rate.
HMRC have published an Employer Bulletin for December 2024. We have summarised the key content for you, with links to our detailed guidance on the topics covered.
In Lane v Lane [2024] EWHC 2616 (Ch), the High Court found that a father and son had entered into a binding contract for their respective shareholdings to pass to the survivor on the first of their deaths.
Following the Government's announcement of proposals to reform the tax treatment of carried interest, HMRC have published the summary of responses for their call for evidence on 'The Tax Treatment of Carried Interest' and detail of 'Next steps' which include the publication of a new consultation to consider the qualifying conditions.
In Rupert Grint vs HMRC [2024] TC09337, the First Tier Tribunal (FTT) found that a sum of £4.5 million declared by Harry Potter star Rupert Grint on his tax return as a capital gain should have been declared as income, arising from his role in the films.
In the Autumn Budget 2024, the Government published its Corporate Tax Roadmap (the 'Roadmap') which sets out its priorities in terms of company taxation with the aim of enhancing predictability, stability and certainty to build confidence and encourage investment and growth in the UK.
The Government has published a response to its consultation 'Tax Simplification for Alternative Finance'. From 30 October 2024, individuals and companies using qualifying alternative finance arrangements will no longer be subject to Capital Gains Tax (CGT), Corporation Tax (CT) or Income Tax (IT) charges, where the same charge would not apply when using conventional financing arrangements.
'A budget by Scotland, for Scotland', tax highlights of the Scottish Budget 2024 speech given by Shona Robison, Cabinet Secretary to the Scottish Parliament on Wednesday 4 December 2024.
Missed our SME Tax Web-updates in November? Here is a summary of the month.