NEWS

The Value Added Tax (Installation of Energy-Saving Materials) Order, SI 2024/24, expands the list of energy-saving materials (ESMs), installations of which benefit from zero-rating until 31 March 2027 and the 5% reduced rate thereafter. For example,...

Finance Bill 2024 cleared the House of Commons ‘Committee of Whole House’ stage on 10 January 2024. The House approved clauses/schedules on the following subject areas, all without amendment. The CIOT has issued briefings on a number of those...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

Higher earning Scottish taxpayers will be subject to increased rates of income tax from 6 April 2024, as announced by the Scottish government in its Budget for 2024/25, presented to the Scottish parliament on 19 December 2023. A new ‘advanced rate’...

The Spring Budget 2024 will be held on Wednesday 6 March. The chancellor has also requested that the Office for Budget Responsibility prepare an economic and fiscal forecast to be presented alongside the Budget....

The UK government has published the outcome of its consultation Addressing carbon leakage risk to support decarbonisation. The consultation looked at potential ways to mitigate against ‘carbon leakage’ where production of carbon or energy-intensive...

HM Treasury and the Scottish government are consulting on the proposal to devolve powers to the Scottish Parliament to create an equivalent tax to the UK Government’s Building Safety Levy. This will apply to residential buildings requiring building...

The National Insurance Contributions (Reduction in Rates) Act 2023 received royal assent on 18 December 2023. The Act implements the NICs changes announced at Autumn Statement 2023: for employees, the main class 1 primary percentage is reduced to 10%...

A new Institute for Fiscal Studies briefing concludes that the tax burden of personal taxes continues to rise overall due to ‘fiscal drag’ even after taking the recent national insurance contributions cuts into account.In essence, the report...

HMRC have issued a reminder that income or gains involving cryptoassets may need to be reported in the self-assessment tax return. The reminder highlights that tax could be due where an individual receives cryptoassets from employment, where they are...