In brief: 22 August 2024

SAYE schemes

Bonus rates for save-as-you-earn (SAYE) schemes change on the 15th day following a change in the Bank of England bank rate. For SAYE contracts taken out on or after 16 August 2024 the bonus rate for five-year contracts is reduced to 3% from 3.2%; the bonus rate for three-year contracts remains at 1.1%. The early leaver rate is reduced to 1.33% from 1.42%.

tinyurl.com/hmrcsayeintrates

Ecuador

The UK and Ecuador governments signed a new double tax convention on 6 August 2024. This is the first double tax agreement between the two countries and covers UK income tax corporation tax and capital gains tax. The taxation of students and the taxation of capital are omitted from the agreement.

tinyurl.com/hmrcukecuadordtc

Tax debts

HMRC has added guidance on how to make a complaint about a debt collection agency.

tinyurl.com/hmrctaxdebtguid

Making tax digital

HMRC has added information to its guidance for volunteers testing HMRC’s new way of reporting income...