Following the implementation of the Economic Crime and Corporate Transparency Act 2023, Companies House have recently introduced a new financial penalty regime to registered companies as part of an effort to improve corporate transparency and tackle economic crime.

We consider it is likely that there will be an increase in the rate of UK Capital Gains Tax (CGT) in the Budget. This may come into effect from 6 April 2025, but when the rate of CGT changed in June 2010 it was increased from the date of the Budget, so there is a realistic possibility there will be a similar mid-year rate increase from 30 October 2024.

HMRC comes out on top in the latest appeal case – Professional Game Match Officials Ltd (PGMOL) v HMRC UKSC 20 {2024} UKSC 2021/0220.

On Monday 16 September 2024, the long awaited PGMOL’s appeal in the employment status case involving sixty referees was unanimously dismissed. The case was heard on 26 and 27 of June 2023, some 15 months ago.

New Football Association (FA) regulations for agents came into force in January 2024 and dual representation is a prominent feature. This is in addition to the 2023 reintroduction of an exam for agents, which was failed by more than half of applicants, including some big names in the first sitting

HMRC scores a winning try against Ex- Sky Sports pundit, Stuart Barnes, resulting in an Income tax and National Insurance Contributions (‘NIC’) liabilities of £700,000, excluding interest and penalties to be paid by him

HMRC has announced an update to its Advisory Fuel Rates (AFR), effective as of 1 September 2024. The rates are published every quarter and will next be published on 1 December 2024.

In the earlier 2024 Spring Budget, amongst the significant proposed changes to our tax system, the former UK Government announced plans to abolish the previously attractive Furnished Holiday Lets (FHL) tax regime.

Update for UK resident non-domiciled settlors of existing offshore trust structures and their trustees.