Welsh land transaction tax consultation
The Welsh government recently consulted on proposals to abolish land transaction tax(LTT) multiple dwellings relief (MDR) following the UK government’s decision to abolish the equivalent relief for
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Crypto Asset Reporting Framework
HMRC issued a consultation regarding the implementation of certain discretionary and optional elements of the Crypto Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard
Public Accounts Committee inquiry: universal credit
LITRG’s response (www.litrg.org.uk/10903) to the Public Accounts Committee’s call for evidence (tinyurl.com/57emuwce
Finance (No.2) Bill 2024: CIOT briefings on property and transfers of assets abroad
Finance (No.2) Act 2024received Royal Assent on 24 May 2024.
Non-domicile changes
The Budget in March 2024 contained proposals for changes to the taxation rules for foreign income and gains and inheritance tax (IHT) deemed domicile rules.
Furnished holiday lets: Spring Budget 2024
At Spring Budget 2024, the government announced that it will abolish the furnished holiday lettings (FHL) regime with effect from April 2025.
Shariah compliant refinancing and capital gains tax
In 2018, the CIOT made a proactive submission to HMRC about the capital gains tax (CGT) trap on refinancing property using alternative (Shariah compliant) finance (see Mohammed Amin’s article in
Finance (No.2) Bill 2023-24: LITRG briefing high income child benefit charge changes
Clause 5 of Finance (No.2) Bill 2023-24 increases, from 6 April 2024:
VAT and Income Tax Self Assessment penalty reform stakeholder event
Discussions at the stakeholder event focused on what went well, what could have been done differently and what could be changed for the Income Tax Self Assessment (ITSA) implementation.
Welsh land transaction tax
The recent Welsh government’s land transaction tax (LTT) consultation looks at extending the time limit indefinitely for reclaims and exemption from higher rates in limited circumstances.