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UK Autumn Budget 2024 Presented to Parliament Including Several Tax Measures

  • VAT on Private Schools:
    • Removal of VAT exemption on private school fees from 1 January 2025.
    • Education services and vocational training provided by private schools in the UK will be subject to VAT at the standard rate of 20%.
    • Pre-payments of fees or boarding services on or after 29 July 2024 for terms starting after 1 January 2025 will also be subject to VAT.
  • Plastic Tax:
    • No specific mention of changes or introductions related to plastic tax in the provided text.
  • ESG (Environmental, Social, and Governance):
    • Energy Profits Levy (EPL) Reform:
      • Increase in EPL rate by 3 percentage points to 38%.
      • Extension of sunset clause to 31 March 2030.
      • Removal of 29% investment allowance.
      • Introduction of 66% decarbonisation allowance.
    • Relief for Payments into a Carbon Capture Usage and Storage (CCUS) Decommissioning Fund:
      • Provision of tax relief for payments made by oil and gas companies into decommissioning funds for CCUS activities.
      • Exemption of associated receipts from the Energy Profits Levy.
    • Agricultural Property Relief:
      • Extension of the relief to land managed under environmental agreements from 6 April 2025.
  • Customs:
    • No specific mention of changes or introductions related to customs in the provided text.
  • Consultation on Electronic Invoicing:
    • The government will publish a consultation in early 2025 to explore the implementation of electronic invoicing (e-invoicing) in the UK.

Source Orbitax

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