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UK: Tax measures in Finance Bill 2024-2025

Proposals concerning the OECD cryptoassets reporting framework, changes to R&D tax reliefs for SMEs, and adjustments to stamp duty land tax rates

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November 21, 2024

The Finance Bill 2024-25 was introduced to the House of Commons on November 6, 2024, and published on the parliament website on November 7, 2024, along with explanatory notes. The bill’s second reading is scheduled for November 27, 2024.

Tax measures in the bill include:

  • Legislation for the OECD cryptoassets reporting framework (CARF), providing the Treasury with powers to implement the framework in the UK
  • Changes to the research and development (R&D) tax reliefs, specifically impacting loss-making R&D intensive small and medium-sized enterprises (SMEs)
  • Changes to stamp duty land tax (SDLT), including increased rates for residential property

Read a November 2024 report prepared by the KPMG member firm in the UK

Finance Bill 2024-25 also includes amendments to the UK's existing Pillar Two rules. Read TaxNewsFlash

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