Moore Kingston Smith’s Post

We now have some information from the Chancellor of the Exchequer, Rachel Reeves, on how Labour intends to implement changes to the non-dom tax rules. These remove some of the reliefs proposed by the previous government. Read more about this in our Insight. It has also been announced that the Budget will be held on 30 October 2024, when more details will be announced. #NonDomTax

Some interesting developments on the changes to the non dom tax regime in the UK originally proposed by the Conservative government but still much to be confirmed and only a short time to make it happen!

Tax has been a hot topic for all political parties in the run up to the UK general election, with numerous tax assurances and proposals included in the various election manifestos. Businesses and individuals alike will be monitoring the proposals with interest, including Labour’s proposed changes affecting the tax treatment of carried interest, the Energy Profits Levy (aka the windfall tax on oil and gas companies), the tax regime for “non-doms”, and VAT on school fees, amongst other things. But how quickly could these tax measures start to take effect? Peter Clements and I outline the UK process for enacting tax legislation and the ways in which the government can seek to give prompt effect to tax proposals in the blog post at the link below. #tax #2024generalelection

Labour: Scrapping non-dom tax humiliates government Business, Politics, government, Labour, non-dom tax, Scrapping

What do we know about the new Labour government's plans for tax so far, and what can we expect in the future? We summarise the announcements to date and Richard Coombs, Tax Partner at Bates Weston, gives us his views. #tax, #Labour #economy https://lnkd.in/eb2ngE3p

The issue of tax avoidance has come under the spotlight in the lead-up to the election, with the tax gap — the difference between tax owed and tax paid — reaching £40bn. This shortfall has increased from £38.1bn the previous year and represents 4.8% of the theoretically due tax. Both Labour and the Conservatives are under pressure to address this growing problem. Key points: ◼ HMRC reported a £39.8bn shortfall in the 2022-23 financial year, up from £38.1bn. ◼ Labour promises to cut the tax gap by £5bn by the end of the next parliament through an investment of £555m in new HMRC staff and system modernisation. ◼ Labour also aims to close the carried interest “loophole” and remove tax exemptions for private schools. ◼ 32% of the corporation tax owed by small businesses remains unpaid, amounting to almost £11bn in lost revenue. For more detailed information, visit: https://lnkd.in/gBeXNYnX #TaxGap #TaxAvoidance #UKElection2024 #LabourParty #ConservativeParty #HMRC #MiWorld

Helping to navigate clients through uncertain times is an important role of a tax adviser. Read our insight 👇 for more information on the tax landscape under the new Labour government, and keep your eyes peeled for an Autumn Budget. 

We consider the tax proposals in Labour's manifesto which confirm the party's previous tax pledges but with little additional detail. #tax #generalelection2024

Really good insights here from my colleague Veronica in our excellent tax team. So we know what Labour have said they won’t do to raise more tax…but clues here as to what types of income they will tax.

As a new Labour government’s plans are underway, we took a moment to consider what a change in government could mean for the R&D tax relief scheme. Read our latest blog post to hear our thoughts: https://lnkd.in/ePpgJ6VM