UK - Tax simplification measures to improve the relationship between individuals, businesses and the tax system
The Government’s package of measures follows the announcement in the 2023 Autumn Statement.
Following the announcement made in November 2023, further measures to simplify the experience of taxpayers have been set out by the UK government.
Key measures include:
- a new online service to enable employees to claim tax relief on all their expenses in one place;
- benefits in kind received by employees, where Income tax and class 1A National Insurance Contributions will be subject to payrolling from April 2026;
- the Child Benefit National Insurance Credit, whose regulation is being revised.
Moreover, a consultation on tax simplification for alternative finance has been published, proposing a change to the Capital Gains Tax (CGT) regime.
Finally, draft legislation will be published for consultation later in 2024 regarding the reform of UK law relating to transfer pricing, permanent establishment and Diverted Profits Tax.
Our firm is monitoring the constant development of UK tax law and can provide assistance to individuals and businesses operating in the UK.
