Last week the Institute met with HMRC to discuss the 2024 Autumn Budget. We expressed concern and shared our views on the impact of a range of changes including increased employment costs as a result of the National Minimum Wage and employer National Insurance Contribution changes from April 2025. We also highlighted the damaging impact that the 2026 changes to key inheritance tax reliefs (agricultural property relief and business property relief) will have, particularly for Northern Ireland family-owned businesses and farms.
The Institute recommended to HMRC that the Government consult more widely on these particular changes and we highligted the need for any anti-forestalling legislation to be fair. These changes should not impact retrospectively on lifetime gifts already made in the seven years prior to 6 April 2026. The changes need to be properly considered before implementation given the impact they will have on both indigenous businesses and investors in the UK.
Other issues discussed were the fuel duty dilemma, tax simplification, the taxation of electric vehicles, the practical impact of the in-year capital gains tax rate changes, the extension in this Parliament of Making Tax Digital for income tax to the £20,000 - £30,000 turnover population and regulation of the UK tax agent market.
LOADING...