Johnson Carmichael: Tax changes - what you need to know Sept 2024

With the new Labour Government having now been in situ for a couple of months, there has been much talk of the potential tax rises required to deal with the country's financial position. 

The next UK Budget will be held on 30 October 2024 and this will give new Chancellor Rachel Reeves an opportunity to make her mark. In advance of this, we are delighted to share some thoughts on recent developments in the tax landscape together with some planning opportunities.

As ever, on Budget night we’ll update you on what has been announced and the key areas that may be relevant for you across all areas of Tax including non-dom, inheritance tax, and capital gains tax, where further announcements are anticipated.  

I hope you enjoy the read, and, if you have any queries or would like to discuss any matters, as always we are on hand to listen and advise - please do not hesitate to get in touch with me or your Johnston Carmichael adviser. 

Susie Walker
Tax Partner and Head of Tax
susie.walker@jcca.co.uk

Draft tax legislation - Finance Bill 2024-25

Latest changes announced

Here we summarise the key points following the announcement of the Autumn Budget and the recent release of draft tax legislation for the 2024-25 Finance Bill.

Corporate tax

Top six common issues in tax due diligence

When raising finance or selling your business, the other party will normally undertake financial and tax due diligence on the business. We highlight some potential issues to look out for.

Planned introduction of Scottish Building Safety Levy

Earlier this year, the Scottish Government announced that it had secured powers to introduce a Scottish Building Safety Levy to assist in raising the funding required to remedy unsafe cladding.

Private Client tax

Changes to the Additional Dwelling Supplement from 1 April 2024

We explain the new legislation introduced on 1 April 2024 to alter and, in most instances, improve the Land and Buildings Transaction Tax rules in respect of the Additional Dwelling Supplement.

An update to the tax rules for Salaried Members

An outline of the changes HMRC made earlier this year to their published guidance in respect of the Salaried Members rules, which apply to UK LLPs.

Specialist tax

Global mobility - what you need to know

Global mobility is not just for multinational corporations - here we explain how it can benefit businesses looking to expand, attract new talent, and improve ESG focus.

Could you benefit from Land Remediation Relief?

LRR can offer significant benefits to corporation taxpayers that acquire contaminated or derelict land in the UK.

Food or confectionery - an important distinction for VAT!

From giant marshmallows to protein bars, the rise of new alternative snacks has taken the classic "Jaffa Cakes - cake or biscuit?" debate to new heights.