Weekly tax highlights ― 2 December 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

taxes

Finance Bill 2025 committee stages

The UK Government has set out next stages for Parliamentary scrutiny of the Finance Bill.

Finance Bill 2025 received its Second Reading in the House of Commons on 27 November (meaning it passes to the Committee stages).

A Committee of the Whole House (ie the House of Commons) will debate the following provisions on 10 and 11 December 2024:

•
clauses 7 to 12 and Schedules 1 and 2 (CGT rates and reliefs)
•
clauses 15 to 18 and Schedule 3 (oil and gas)
•
clauses 47 to 49 (VAT on private school fees)
•
clauses 50 to 53 (stamp duty land tax)

Remaining provisions will be put before a Public Bill Committee which, according to the Government’s programme motion, will conclude its work by 4 February 2025 at the latest.

The Government has also scheduled Second Reading of the NICs (Secondary Class 1 Contributions) Bill for 3 December 2024.

Updated advisory fuel rates published

HMRC has published the 1 December 2024 company car advisory fuel

Continue reading

To read the full Guidance note, register for a free trial of Tolley+™

TAKE A FREE TRIAL

Popular Articles

Owner-Managed Businesses

Sales, advertising and marketing

Sales, advertising and marketingExpenditure on sales, advertising and marketing activities may include amounts which are disallowable for the purposes of calculating trading profits. This may be because the expenditure is:•capital in nature (see the Capital vs revenue expenditure guidance note)•not

14 Jul 2020 13:28 | Produced by Tolley Read more

Value Added Tax

Exemption ― overview ― items exempt from VAT in the UK

Exemption ― overview ― items exempt from VAT in the UKVAT exemption: list of supplies exempt from UK VATThe goods or services that are exempt from VAT are listed under various group headings within VATA 1994, Sch 9, Pt II.It is important to remember that not all supplies that come within a heading

14 Jul 2020 12:45 | Produced by Tolley Read more

Corporation Tax

Entity classification

Entity classificationImplications of entity classificationIf a subsidiary is established, it is important to determine how it will be treated for UK tax purposes as this will determine the basis on which it is taxed. A subsidiary may either be transparent (like a partnership, where the individual

14 Jul 2020 11:37 | Produced by Tolley Read more

��Ӱ��