Weekly tax highlights ― 2 September 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

EU approves extension of EIS and VCT

The European Commission has approved the Government’s extension of the Enterprise Investment Scheme (EIS) and the Venture Capital Trust scheme (VCT) until 2035.

The sunset dates for the EIS and VCT were extended by FA 2024 to 5 April 2035 from a date to be appointed. The Commission's approval for the extension is required under the Windsor Framework and this has now been granted as it has decided to raise no objections.

See Simon’s Taxes E3.101, E3.201

CIOT response: Abolition of furnished holiday lettings regime – draft legislation for consultation

The CIOT has published its response to the consultation on the draft legislation to abolish the furnished holiday lettings (FHL) tax regime

The key points raised in the response include:

•
clarification is needed on the policy intent regarding the tax status of furnished holiday lettings going forward to provide certainty

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