New ministerial team at the Treasury
HM Treasury’s ministerial team has now been appointed. The new Exchequer Secretary to the Treasury (XST) is James Murray MP. The XST is the minister for HMRC and has responsibility for the UK’s tax system. The ministers and their roles are:
Rachel Reeves MP: Chancellor of the Exchequer.
Darren Jones MP: Chief Secretary to the Treasury.
Lord Livermore: Financial Secretary to the Treasury.
Tulip Siddiq MP: Economic Secretary to the Treasury.
James Murray MP: Exchequer Secretary to the Treasury.
Emma Reynolds MP: Parliamentary Secretary.
LTT higher rates residential property transactions
The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (Amendments to Schedule 5) Regulations 2024, SI 2024/791 make changes to the rules regarding land transaction tax (LTT) higher residential rates charges with effect from 12 July 2024. The regulations extend the current LTT three-year refund and exception periods for taxpayers in certain circumstances. The changes had been subject to consultation.
New HMRC VAT tool
HMRC has launched the VAT registration estimator. The tool will help the user to determine if they need to register for VAT, and to explore the impact on their business of voluntary VAT registration. The tool is free to use, should take around 20 minutes to complete on first use and will not record the details that have been entered. HMRC will present a webinar on 24 July on how to use the tool.
International tax round-up
CFE Tax Advisers Europe (CFE) has published a summary of its top five tax developments for the period to 8 July 2024. This includes the publication of the European Commission’s 2024 Annual Report in Taxation, which considers the design and performance of member states’ tax systems. The report aims to inform stakeholders of recent developments, and to provide insights that can help improve the functioning of tax systems in the EU.
Tax Faculty
This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.