Weekly tax highlights ― 16 September 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

Multinational Top-up Tax and Domestic Top-up Tax ― further HMRC draft guidance

HMRC has published further draft guidance on Multinational Top-up Tax and Domestic Top-up Tax. This release of the draft HMRC guidance manual includes all previously released pages (including updates in some cases) in addition to newly drafted pages.

HMRC invites comments from stakeholders and publication of the manual will begin following the review of consultation responses.

A supplementary release of draft guidance will follow in due course. This will include remaining draft guidance on flow-through entities, joint ventures, the insurance sector, additional top-up amounts, and the undertaxed profits rule (UTPR).

The consultation closes on 23 October 2024.

This guidance collection has also been updated to include a link to the consultation and a new section ‘Report Pillar 2 top-up taxes’.

See Simon’s Taxes D4.302, D4.320.

The Research and Development Relief (Information Requirements etc) Regulations 2024, SI 2024/950

These Regulations amend the Relief for Research

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