How does the Pillar 2 top-up taxes registration affect large businesses?
You may be aware that the UK’s BEPS Pillar 2 top-up tax rules come into force for accounting periods beginning on or after 31 December 2023. Pillar 2 aims to ensure that large businesses pay a minimum effective tax rate of 15% within each jurisdiction they operate by imposing ‘Top-Up Taxes’, where that is not the case. These rules apply to multinational enterprises and groups of companies with annual consolidated revenues of €750 million in at least two out of the previous four accounting periods.

The autumn budget announced that the rates of Capital Gains Tax (CGT) are to be increased with immediate effect. The main rates of CGT that apply to assets other than residential property and carried interest will increase from 10% to 18% (for Income Tax basic rate payers) and from 20% to 24% (for Income Tax higher rate payers). The capital gains tax changes are applicable for disposals made on or after 30 October 2024.
 

Rachel Reeves delivered her first Budget as Chancellor of the Exchequer on 30 October 2024.

It was a confident and inspiring presentation by the first female Chancellor of the Exchequer in British history.

The Budget aims to deal with the ‘ black hole’ in public finances whilst supporting economic and fiscal stability, increasing investment and rebuilding public services.

When is the budget taking Place?
There is unlikely to be much to celebrate when Rachel Reeves delivers her first Budget on the 30th of October.
 
Speculation is rife regarding the likely targets for tax changes and increases. We have listed a few of the more persistent predictions below. But note, these are just predictions, and there will no doubt be “surprises” when the Budget details are released.

HMRC announced a reversal to its recent guidance on the treatment of double cab pickups (DCPUs) from 1 July 2024.