Other news in brief

On 3 December 2024, HMRC published the maps of the Anglesey Freeport tax sites. These sites have been designated with effect from 23 January 2025 and will benefit from certain tax reliefs.

On 28 November 2024, HMRC published a new page to help individuals check if they need to declare income from selling personal possessions, goods or services online, creating online content or renting out property using digital platforms – sometimes referred to as a ‘side-hustle’. The rules around this have not changed but, with effect from 1 January 2024, digital platform operators are required to collect and report to HMRC certain details about sellers on their platforms and the first reports are due by 31 January 2025. HMRC’s new guidance discusses a number of common examples and also includes an online tool with step-by-step questions to help individuals work out if they need to tell HMRC about this type of income.

On 3 December 2024, HMRC collated their guidance, tools and documents for umbrella companies and the employees and businesses that work with them into a single collection page. As part of this, they published a new online tool designed to estimate what gross and net pay (take-home pay) should be from an umbrella company for a single role and what deductions are applied to this pay.

The OECD recently published a list of 51 jurisdictions that have signed the addendum to the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information (also known as the Common Reporting Standard MCAA). This addendum reflects further reporting requirements introduced by the 2023 update to the Common Reporting Standard. A list of 48 jurisdictions that have signed the Cryptoasset Reporting Framework (CARF) MCAA was also published. These jurisdictions aim to commence the automatic exchange of cryptoasset tax-relevant information by 2027 or 2028, as set out by the CARF.