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Latest Thinking
Latest Thinking
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Tax and the General Election 2024: The Manifestos
Blog Post — Tax Blog
— By
Oliver Walker,
Jenny Doak,
Aron Joy,
Sean Wright and
Erica Rees
— June 14, 2024
On 22 May 2024, UK Prime Minister Rishi Sunak announced that the UK would hold a general election on 4 July. In the weeks following that announcement, there has been mounting speculation regarding the tax measures that each party might adopt if successful. During the week commencing 10 June, the incumbent Conservatives, Labour and the
The post Tax and the General Election 2024: The Manifestos appeared first on Weil Tax BLOG.
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“Speedy” use of non-trading deficits leads to “Kwik” decision from the Court of Appeal on the unallowable purpose rule
Blog Post — Tax Blog
— By
Sean Wright,
Oliver Walker and
Erica Rees
— May 22, 2024
On Friday 3 May 2024, the Court of Appeal upheld the decisions of the First Tier Tribunal (“FTT”) and the Upper Tribunal (“UT”) in the case of Kwik-Fit Group Ltd and others v HMRC [2024] EWCA Civ 434, thereby dismissing the taxpayer’s appeal. The decision – the latest judgment concerning the UK’s “unallowable purpose” rule
The post “Speedy” use of non-trading deficits leads to “Kwik” decision from the Court of Appeal on the unallowable purpose rule appeared first on Weil Tax BLOG.
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UK Spring Budget 2024: Tax Update
Blog Post — Tax Blog
— By
Jenny Doak,
Aron Joy,
Oliver Walker,
Erica Rees and
Sean Wright
— March 07, 2024
On 6 March 2024, Chancellor Jeremy Hunt delivered his Spring Budget. In the days preceding the Budget there had been mounting speculation that the Chancellor would cut personal taxes by reducing rates of income tax or National Insurance contributions (NICs). In the event, Chancellor Hunt did not disappoint and announced a further reduction in NICs,
The post UK Spring Budget 2024: Tax Update appeared first on Weil Tax BLOG.
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Labour’s Plans for Business Taxation
Blog Post — Tax Blog
— By
Oliver Walker and
Sean Wright
— February 19, 2024
As the next United Kingdom general election approaches, the Labour Party’s business tax proposals are beginning to take shape. On Thursday 1 February 2024, the Labour Party published a report entitled “Business Partnership for Growth”, timed to coincide with its Business Conference, where it was unveiled by the party leader, Keir Starmer, and his Shadow
The post Labour’s Plans for Business Taxation appeared first on Weil Tax BLOG.
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UK AUTUMN STATEMENT 2023: TAX UPDATE
Blog Post — Tax Blog
— By
Jenny Doak,
Aron Joy,
Oliver Walker,
Kevin Donegan,
Enda Kerin,
Erica Rees and
Sean Wright
— November 22, 2023
On 22 November 2023, Chancellor Jeremy Hunt delivered his Autumn Statement, potentially the last such statement to precede the next UK general election.Despite mounting speculation over the past few days, there were no rabbits in the Chancellor’s hat, and today’s announcements were broadly in keeping with expectations. The headline items included the announcement that the current full expensing policy for businesses will be made permanent – a move which the Chancellor heralded as “the biggest business tax cut in modern British history” – and various changes to National Insurance contributions (NICs), including a reduction of the main rate and the abolition of Class 2 NICs for self-employed individuals. ...