The UK Chancellor of the Exchequer, Rachel Reeves, revealed that the first budget of the new government will be revealed on 30 October, 2024. It will be presented alongside the new economic and fiscal forecasts on the same date.

The announcement for the Autumn Budget was made on 29 July 2024.

HM Treasury has invited interested stakeholders to submit their budget representations by 10 September, 2024.

James Murray MP, the Exchequer Secretary to the Treasury, also issued a written ministerial statement outlining the government’s forthcoming actions regarding several priority tax commitments.

The key provisions of the Autumn Budget are:

Pillar 2: transitional country-by-country reporting safe harbour anti-arbitrage rule

This measure introduces an anti-arbitrage rule to counter arrangements designed to exploit differences between tax and accounting rules. This rule will affect multinational groups with annual global revenues exceeding EUR 750 million that have business activities in the UK.

The government has published draft legislation to consult on how the transitional safe harbour anti-arbitrage rule is legislated in the UK to ensure it operates as envisaged by the Organisation for Economic Co-operation and Development (OECD) G20 Inclusive Framework’s December 2023 Administrative Guidance.

The deadline for comments on the draft legislation is set for 15 September, 2024.

Carried interest 

The Chancellor of the Exchequer announced a commitment to take action regarding the ‘carried interest’ loophole. This call for evidence confirms the government’s intention to take action against the carried interest loophole and forms the basis for detailed engagement with expert stakeholders.

The deadline for comments on the draft legislation is set for 30 August, 2024.