NEWS

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

The Government published the Finance Bill on 7 November 2024. With 84 substantive clauses and 13 Schedules, running to 272 pages, a large portion of the Bill is devoted to the replacement of the remittance basis for non-domiciled individuals. Part 2...

The Finance Act 2021 (Schedule 26 Second Penalty Assessments) (Appointed Day: Regulation Making Power) Regulations, SI 2024/1132, bring FA 2021 Sch 26 into force on 12 November 2024, but only for the purposes of making regulations under para 16(2) of...

HMRC have published new Guidelines for Compliance for employers reporting their Apprenticeship Levy liability and claiming Employment Allowance. Help with the Apprenticeship Levy and Employment Allowance connected entities GfC10 is...

HMRC have published new Guidelines for Compliance Help with Patent Box computations GfC9 for qualifying companies who have elected into the patent box tax regime. The guidelines include recommended information to include with a patent box...

HMRC have revised their guidance on using the basis period reform calculator to work out transition profit. On 31 October 2024, the guidance had been updated to advise that the transition profit calculator could not be used if the business was a...

HMRC have updated their guidance on making a disclosure of otherwise undisclosed income under the Let Property Campaign. Sections 1 and 2 of the guidance have been revised to provide further detail around who is affected by the campaign and how to...

HMRC have published new guidance on abolition of the furnished holiday lettings tax regime from April 2025. The guidance provides ‘clarification’ on some of the common issues that had been raised during the consultation on the draft legislation which...

Bonus rates for Save As You Earn (SAYE) schemes have been adjusted, following the cut to the Bank of England base rate to 4.75%. For SAYE contracts taken out on or after 22 November 2024, the bonus rate for five-year contracts is reduced to 2.7%...

HMRC’s latest Pension Schemes Newsletter (October 2024) summarises the following announcements made at Autumn Budget 2024 relevant to pensions taxation: extending inheritance tax to pension death benefits: unused pension funds and death benefits...