Before the general election was announced, there was a rush to pass legislation before parliament was dissolved. Consequently, some tax measures announced in the 2024 Spring Budget were not included in the 2024 Finance Bill, which means they are not yet law. However, these measures may resurface in the future as some require further consultation and others could be legislated later. This is what we know at the moment …
The following have been excluded from the 2024 Spring Finance Bill:
- The proposed abolition of the Furnished Holiday Lettings regime (FHL)
- The reform of the rules relating to non-domiciled individuals, ‘Overseas Workday Relief’ and the proposals to charge Inheritance Tax (IHT) based on residency
- IHT Agricultural Property Relief (APR) on land managed under an environmental agreement with/on behalf of the UK government
And these are to be consulted on:
- The proposed abolishment of Class 2 National Insurance
- The new £5,000 UK ISA
- The extension of full expensing (and the 50% first year allowancefor special rate assets) to plant and machinery which are leased
- Additional tax relief on visual effects in films and high-end TV, clarification of the type of expenditure that will qualify
The above list is not exhaustive.
It is impossible to say whether any of the above will become law in the future. What will happen next depends on who is successful on 4 July. Meanwhile, we’ll keep an eye out for future changes to our tax legislation in amongst the melee of promises and hope …. and keep you abreast of future developments as they unfold.
