Weekly tax highlights ― 11 November 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

Change to updated HMRC guidance on basis period reform

On 31 October the guidance was updated to advise that the transition profit calculator cannot be used if the business is a partnership. It has now been further updated to confirm that the calculator can be used for partnership trading profits only.

See Simon’s Taxes B8.108B.

SI 2024/1082 Platform Operators (Due Diligence and Reporting Requirements) (Amendment) Regulations 2024

These Regulations ensure that the effect of the policy is as originally intended and is aligned fully with the OECD model rules. Specifically, they ensure that information on UK sellers held by UK platform operators is reported directly to HMRC, and remove requirements to apportion certain thresholds, which led to unintended consequences in certain situations.

They come into force on 25 November 2024.

Simon’s Taxes B5.665A.

Updated HMRC guidance on let property campaign

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