2024–25—Fiscal events including Budget

This subtopic draws together content on the fiscal events throughout the tax year 2024–25, including:

•
Tax Administration and Maintenance Day (TAMD), which took place on 18 April 2024
•
Tax legislation day (L Day), which took place on 29 July 2024
•
Autumn Budget, which took place on 30 October 2024, and
•
the publication of the Autumn Finance Bill 2024 (AFB 2024), also known as Finance Bill 2025 and Finance Bill 2024–25, which was published on 7 November 2024

For more information on the annual Budget and Finance Bill process, including how a general election affects the usual timetable, see Practice Note: The Budget and Finance Bill process.

All analysis produced in this subtopic will be collected in Practice Notes: 2024–25—Fiscal events including Budget—Tax Analysis and Tax—Finance Bill 2025 tracker .

Tax Administration and Maintenance Day (TAMD)

TAMD took place on 18 April 2024. None of the TAMD announcements required legislation in Finance (No 2) Act 2024.

For more information on the announcements and publications from TAMD, see:

•
News

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Tax News

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.

UT finds FTT made errors when setting aside HMRC best judgment assessment (HMRC v Sintra Global)

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.

Consultation on expanding tax conditionality to new sectors

Environment analysis: On 30 October 2024, HM Revenue and Customs (HMRC) issued a consultation on ‘Tackling the hidden economy: expanding tax conditionality to new sectors’. The consultation runs to 21 January 2025. Angus Evers, partner at Shoosmiths, comments on the consultation.