Weekly tax highlights ― 2 December 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

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taxes

Finance Bill 2025 committee stages

The UK Government has set out next stages for Parliamentary scrutiny of the Finance Bill.

Finance Bill 2025 received its Second Reading in the House of Commons on 27 November (meaning it passes to the Committee stages).

A Committee of the Whole House (ie the House of Commons) will debate the following provisions on 10 and 11 December 2024:

•
clauses 7 to 12 and Schedules 1 and 2 (CGT rates and reliefs)
•
clauses 15 to 18 and Schedule 3 (oil and gas)
•
clauses 47 to 49 (VAT on private school fees)
•
clauses 50 to 53 (stamp duty land tax)

Remaining provisions will be put before a Public Bill Committee which, according to the Government’s programme motion, will conclude its work by 4 February 2025 at the latest.

The Government has also scheduled Second Reading of the NICs (Secondary Class 1 Contributions) Bill for 3 December 2024.

Updated advisory fuel rates published

HMRC has published the 1 December 2024 company car advisory fuel

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