Highlights from the broader tax news for the week ending 31 January 2024, including: Finance Bill 2023-24 amendments; the administration of Scottish and Welsh income tax; changes to insolvency guidance for VAT; and updated HMRC guidance relating to collective investment vehicles.
Features and articles
This month’s top stories include mandated payrolling employer-provided benefits; information around the abolition of the pensions lifetime allowance; and an explainer on how to calculate NICs for directors.
New relief for local authority purchases comes in from 1 April 2024, together with numerous changes to the additional dwelling supplement.
Welsh government consultation on land transaction tax (LTT) relief for special tax sites in freeports and investment zones highlights six differences compared to the stamp duty land tax (SDLT) relief in England.
The Welsh government proposes to extend the three-year exception and refund period for higher land transaction tax (LTT) residential rates in specified circumstances.
Investment zones were refocused at the Spring Budget 2023. They are intended to grow the economy by focusing on places with significant unmet productivity potential and building on their existing strengths. How do they compare to freeports?
Bloomsbury Accounting and Tax Service
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Tax rates and tables updated to reflect measures announced in the Autumn Statement on 22 November 2023 and changes proposed in the Autumn Finance Bill 2023 (formally known as Finance Bill 2023/24). It also covers significant changes announced to the operation of the research and development tax reliefs.
Practical advice on stamp taxes, including stamp duty land tax (SDLT) in England or Northern Ireland, land and buildings transaction tax (LBTT) in Scotland and land transaction tax (LTT) in Wales, in relation to incorporating or disincorporating a business.
A chapter providing an outline of Land and Buildings Transaction Tax (LBTT) in Scotland.
A chapter providing an outline of Land Transaction Tax (LTT), which applies to most transactions over land in Wales from 1 April 2018.
A full chapter providing a practical overview of Scottish income tax.
A full chapter providing a practical overview of Welsh income tax.
A representation dated 9 February 2024 to a consultation published by the Welsh Government on 19 December 2023.
A representation dated 11 May 2023 to a consultation published by the Scottish Government on 17 March 2023.
A representation dated 4 April 2023 to a consultation published by Scottish Government on 8 February 2023.
A response dated 21 March 2022 to a consultation published by the Welsh Government on 20 December 2021.
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
Authority responsible for the management and collection of Scotland's devolved taxes providing guidance on Land and Buildings Transaction Tax, Scottish Landfill Tax, LBTT and leases, and Air Departure Tax.
Official information on devolved taxes in Wales with links to further guidance on and rates for Landfill Disposals Tax, Land Transaction Tax, and income tax.
Information on the devolution of fiscal powers to the Scottish Parliament and the Welsh and Northern Irish Assemblies, including a timeline of milestones and forthcoming changes, and summaries describing the current status of devolved taxes in each region.
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