Weekly tax highlights ― 5 August 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

Government announces Budget date and publishes draft Finance Bill legislation

Updated non-dom proposals and draft legislation for VAT on private school fees, Pillar 2 changes and abolition of FHLs, feature in the government’s plans for the next Finance Bill which will follow the 30 October Budget.

Chancellor Rachel Reeves has confirmed that she will deliver her first Budget on 30 October 2024.

In a speech to the House of Commons on 29 July 2024, reporting on the Treasury’s recent assessment of the state of public spending, the Chancellor set out a number of tax commitments, including the following.

Replacement of the remittance basis from 6 April 2025 ― moving to a new four-year foreign income and gains regime based on the Conservative Spring 2024 Budget proposals, but with some changes:

•
the previously proposed 50% reduction on foreign income arising in the 2025–26 tax year for those who

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