Accounting periods beginning on or after 31 December 2023

Pillar Two rules enter into effect in the UK (multinational top-up tax and qualified domestic minimum top-up tax)

Accounting periods beginning on or after 1 January

Life insurance companies - specific definition provided for Structural Assets for the purposes of the Long-Term Business Fixed Capital tax category

Accounting periods beginning on or after 1 January

New Audio-Visual Expenditure Credit and Video Games Expenditure Credit replace the previous tax reliefs for film, TV and video games

1 January

UK digital platform reporting rules enter into effect

1 January

Recognised growth market exemption for stamp duty and stamp duty reserve tax – certain conditions relaxed

1 January

Removal of 1.5% stamp duty and SDRT charges on issues of securities (e.g. shares) and certain related transfers to clearance services and depositary receipt systems

1 January

Bearer instruments – removal of the 1.5% (or 0.2%) charge to stamp duty in relation to the issue of bearer instruments

1 January

Changes to holiday pay implemented

6 January

Main rate of Class 1 employee NICs reduced from 12% to 10%

1 February

VAT zero rate applicable to the installation of energy-saving materials extended to additional technologies and to include buildings intended solely for a relevant charitable purpose

22 February

Amendments to the UK REIT regime in relation to the non-close company condition, profit: financing cost ratio, and holders of excessive rights

4 March

Companies House given additional powers to query, reject, or remove inconsistent information from the register, and share information with other government departments and law enforcement agencies, including HMRC

4 March

UK companies now required to have an “appropriate” registered office, a registered email address, and confirm that the company is incorporated for a lawful purpose

6 March

Registered providers of social housing in England and Northern Ireland not liable for SDLT when purchasing property with a public subsidy

Public bodies exempted from the 15% anti-avoidance higher rate of SDLT for acquisitions of residential property worth over £500,000

6 March

Individuals buying a leasehold residential property through a nominee or bare trustee able to claim SDLT First-Time Buyers’ Relief in England and Northern Ireland

30 March

CHIEF closed for exports

Accounting periods beginning on or after 1 April

A new merged R&D tax relief scheme applies – credits taxable above the line and ‘payer’ claims rather than ‘doer’

Accounting periods beginning on or after 1 April

‘R&D intensity ratio’ for additional relief for R&D intensive loss-making SMEs reduced to 30% (from 40%), grace period begins

1 April

R&D claimants no longer be able to nominate a third-party payee for R&D tax credit payments, subject to limited exceptions

1 April

Creative sector relief claimants need to file additional information for claims made on or after this date

1 April

New tax credit for independent films (IFTC) available

1 April

40% cut in business rates for eligible film studios in England

1 April

VAT registration threshold increases from £85,000 to £90,000 and VAT deregistration threshold increases from £83,000 to £88,000

1 April

Third party ship management companies permitted to enter the UK tonnage tax regime for leases entered into on or after 1 April 2024

1 April

Limit on capital allowances for lessors of ships elected into the tonnage tax regime increased from £80m to £200m

1 April

Business rates standard multiplier increases based on September’s 2023 CPI rate of 6.7% (small business rate multiplier remains frozen)

1 April

Business rates improvement rate relief available for ‘qualifying improvements’

1 April

Business rates empty property relief – period that a property needs to be reoccupied before another tranche of empty property relief can be granted extended from six weeks to three months

1 April

Time-limited rules of origin in UK-Canada FTA expire

1 April

Economic crime levy rate increases from £250,000 to £500,000 for businesses with UK revenue greater than £1 billion (with payments due in the following financial year)

6 April

Main rate of Class 1 employee NICs reduced from 10% to 8% and main rate of Class 4 self-employed NICs reduced from 9% to 6%

6 April

Capital gains tax allowance reduced from £6,000 to £3,000

6 April

Dividend allowance reduced from £1,000 to £500

6 April

Higher rate of capital gains tax for chargeable gains on the disposal of residential property reduced from 28% to 24%

6 April

High Income Child Benefit Charge threshold increased from £50,000 to £60,000 and Child Benefit will not be fully withdrawn until individuals earn £80,000 or more

6 April

Changes to geographical scope of Agricultural Property Relief and woodlands relief to property located in the UK only

6 April

Taxable trading profits (for income tax purposes) will be based on amounts apportioned to the tax year (“tax year basis”), rather than the accounting period ending in the tax year (“current year basis”)

6 April

Tax returns for individuals and trusts and estates to require amounts in respect of cryptoassets to be separately identified when the capital gains tax pages to the return are completed

6 April

Legislative changes to abolish the pension Lifetime Allowance and introduce replacement allowances have effect

6 April

Construction Industry Scheme - change to the Gross Payment Status test to include VAT compliance

6 April

Off-payroll working (IR35) rule changes - a more equitable sharing of the tax burden between the worker and the deemed employer

6 April

Significant changes made to the cash basis for unincorporated traders

Options granted on or after 6 April 2024

Extension to the time limit for a company to notify HMRC of a grant of EMI options, until 6 July following the end of the tax year in which the grant was made