Weekly tax highlights ― 25 November 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

Pensions (Abolition of Lifetime Allowance Charge etc) (No 3) Regulations, SI 2024/1167

These Regulations make further consequential changes as a result of the abolition of the pensions lifetime allowance.

These Regulations make further changes to the substantive pensions legislation (mainly FA 2004 Schedules 29 and 36) in consequence of the abolition of the lifetime allowance. The changes have effect for the 2024–25 tax year onwards.

See Simon’s Taxes E7.215A.

Indirect taxes

Private school fees and VAT treatment of therapy services

HMRC has updated its guidance on the VAT treatment of payments linked to private school fees to cover supplies of therapy services which are provided in addition to supplies of education.

In an important addition to its guidance on the VAT treatment of payments linked to private school fees, HMRC has provided new notes and examples covering situations where pupils receive therapy services in addition to education.

The new section ‘supplying special educational needs and disabilities (SEND) therapies and education’ notes that, where services performed by registered healthcare professionals (such

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Class 1 v Class 1A

Class 1 v Class 1AClass 1 and Class 1AClass 1 and Class 1A are the categories of NIC that can be charged on expenses reimbursed and benefits provided to employees. These classes are mutually exclusive. A benefit cannot be subject to both Class 1 and Class 1A NIC. Three requirements must be met

Corporation Tax

Indexation allowance and rebasing

Indexation allowance and rebasingThis guidance note explains the general rules surrounding the availability of indexation allowance (which was frozen at December 2017) on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview

14 Jul 2020 11:59 | Produced by Tolley in association with Jackie Barker of Wells Associates Read more

Owner-Managed Businesses

Furnished holiday lets

Furnished holiday letsThis guidance note sets out the qualifying conditions for a property let to be treated as a furnished holiday let (FHL) for tax purposes and the subsequent tax implications.Whether or not a property qualifies as an FHL can make an important difference to the taxation

14 Jul 2020 11:46 | Produced by Tolley Read more

��Ӱ��