2023–24—Fiscal events including Budget

ARCHIVED: This Overview has been archived and is not maintained.

This subtopic draws together content on the fiscal events throughout the tax year 2023–24, including:

•
Tax Administration and Maintenance Day (TAMD), which took place on 27 April 2023
•
Tax legislation day (L Day), which took place on 18 July 2023
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Autumn Statement, which took place on 22 November 2023
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the publication of the Autumn Finance Bill 2023 (AFB 2023), also known as Finance Bill 2024 and Finance Bill 2023–24, which was published on 29 November 2023 and which received Royal Assent on 22 February 2024 and was enacted as Finance Act 2024
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Spring Budget 2024, which took place on 6 March 2024, and
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the publication of the Spring Finance Bill 2024 (SFB 2024), also known as Finance (No 2) Bill 2024 and Finance (No 2) Bill 2023–24, which was published on 13 March 2024 and which received Royal Assent on 24 May 2024 and was enacted as Finance (No 2) Act 2024

For more information on the annual Budget and Finance Bill process, see Practice Note:  The

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Latest Tax News

Autumn Budget 2024—Tackling tax non-compliance in the umbrella company market

Tax analysis: At the Autumn Budget 2024 on 30 October 2024, it was announced there would be changes regarding who is responsible for pay as you earn/National Insurance contributions (PAYE/NIC) when workers are paid through an umbrella company. Robert Woodward, tax associate director and John Chaplin, partner at BDO analyse the changes.

Tax weekly highlights—21 November 2024

This week's edition of Tax weekly highlights includes: (1) the Supreme Court decision in Refinitiv concerning the interaction between the diverted profits tax and an advance pricing agreement, and (2) the Supreme Court decision in Cobalt Data Centre on the scope of the enterprise zone allowance.

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Tax analysis: In Sintra Global, the Upper Tribunal (UT) set aside the decision of the First-tier Tax Tribunal (FTT) insofar as it related to a notice HMRC had issued to an individual making him liable for the payment of a civil evasion penalty charged against a company he was a director of. The UT found that the FTT had failed to follow the guidance provided by the Court of Appeal in Pegasus Birds in relation to the assessment the penalty was based on.

Supreme Court rules on the scope and limitations of the enterprise zone tax incentive (R (oao Cobalt Data Centre) v HMRC)

The Supreme Court unanimously dismissed the taxpayers’ argument that the relevant expenditure fell within section 298(1) of the Capital Allowances Act 2001 (CAA 2001) and concluded that, based on the proper interpretation of that provision, the expenditure was not incurred under a contract executed prior to the conclusion of the initial ten-year period, as required. Adam Craggs, partner at RPC, discusses the implications that the judgment has on taxpayers going forward.