2024–25—Fiscal events including Budget

ARCHIVED: This Overview has been archived and is not maintained.

This subtopic draws together content on the fiscal events throughout the tax year 2024–25, including:

•
Tax Administration and Maintenance Day (TAMD), which took place on 18 April 2024
•
Tax legislation day (L Day), which took place on 29 July 2024
•
Autumn Budget, which took place on 30 October 2024, and
•
the publication of Finance Bill 2025 (FB 2025), also known as Autumn Finance Bill 2024 and Finance Bill 2024–25, which was published on 7 November 2024 and which received Royal Assent on 20 March 2025 and was enacted as Finance Act 2025 (FA 2025)

For more information on the annual Budget and Finance Bill process, including how a general election affects the usual timetable, see Practice Note: The Budget and Finance Bill process.

All analysis produced in this subtopic will be collected in Practice Notes: 2024–25—Fiscal events including Budget—Tax Analysis [Archived] and Tax—Finance Act 2025 tracker—progress through Parliament [Archived] .

Tax Administration and Maintenance Day (TAMD)

TAMD took place on 18 April 2024. None of the TAMD

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Latest Tax News

Tax weekly highlights—29 January 2026

This week's edition of Tax weekly highlights includes: (1) the National Insurance Contributions (Employer Pensions Contributions) Bill being considered by the House of Lords, (2) further government amendments being made to the Finance Bill 2026, (3) the Court of Appeal in FS Commercial agreeing that the FTT only has supervisory jurisdiction where input tax deduction is denied because of failure to provide evidence, (4) the UT in Delphi Derivatives cancelling inaccuracy penalties, and (5) News Analysis articles being published on the advance tax certainty service for major projects, the Court of Appeal decision in MedPro on late appeals, the UT decision on mixed member partnership rules in Holden.

Court of Appeal confirms Martland approach to late appeals (HMRC v MedPro Healthcare)

Tax analysis: In MedPro Healthcare, the Court of Appeal overturned one aspect of the Upper Tribunal (UT) decision, holding that the UT has authority to issue guidance to lower courts giving particular weight to specific issues when exercising statutory powers of discretion. The approach to late appeals given by the UT in Martland, which emphasises adherence to time limits, should be followed, and the First-tier Tax Tribunal (FTT) should only depart from that guidance in special circumstances.

Upper Tribunal cancels inaccuracy penalties (Delphi Derivatives Ltd (in liquidation) v HMRC)

Tax analysis: In Delphi Derivatives Ltd (in liquidation) v HMRC, the Upper Tribunal (UT) allowed the company’s appeals against inaccuracy penalties under Schedule 24 to the Finance Act 2007 (FA 2007). The UT accepted that the inaccuracies were not caused by carelessness, and, in one case, that the inaccuracy was not deliberate.

UT holds payments under LLP ‘capital interests’ were income and that the mixed member partnership rules and extended assessment time limits applied (Holden and others v HMRC)

Tax analysis: In Holden, the UT held that amounts paid to members of a professional LLP under arrangements described as ‘capital interests’ were not capital receipts. The UT further held that, for later years, the mixed member partnership rules (MMRs) applied to reallocate profits from the corporate member to individual members, overturning the contrary conclusion of the FTT. The UT also upheld HMRC’s procedural positions, including that the LLP had acted carelessly and had done so on behalf of individual members, allowing HMRC to raise late assessments.