15 Autumn Budget | 30 October 2024 Employee trusts Reforms to the taxation of employee ownership trusts and employee benefit trusts from 30 October 2024 will be aimed at preventing opportunities for abuse, while ensuring that the regimes remain focused on encouraging employee ownership and rewarding employees. Corporate insolvencies Increased collaboration between HMRC, Companies House and the Insolvency Service will aim to tackle directors using contrived corporate insolvencies and dissolutions (‘phoenixism’) to evade tax. Offshore interest The government is consulting on ways to address the mismatch of information on offshore interest being provided on a calendar year basis, rather than a UK tax year basis. This will include taxing individuals on non-UK interest arising in the year to 31 December that ends in the tax year. Tax advisers Tax advisers who interact with HMRC on behalf of clients will have to be registered from April 2026. The government will consult on options to enhance HMRC’s powers against tax advisers who facilitate noncompliance. Charity compliance Changes to the charity tax rules from April 2026 will aim to ensure that only the intended tax relief is given to charities. Other tax compliance measures The government is consulting on a range of issues including how to reform HMRC’s correction powers and processes; how HMRC acquires and uses third party data; tackling promoters of marketed tax avoidance; and offshore company tax avoidance. HMRC’s counter fraud capability will also be expanded. Think ahead Basis period change. The tax year 2024/25 is the first year in which self-employed people’s trading years are aligned with tax years. Make sure you are aware how this will affect you and how you can mitigate the impact of a possible acceleration in your tax payments.
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