In brief: 31 October 2024

Jersey

Jersey has adopted legislation to implement a Pillar 2 income inclusion rule and a multinational corporate income tax (MCIT) fulfilling its commitment to enact the Organisation for Economic Co-operation and Development’s global minimum tax framework for large in-scope multinational groups. For accounting periods starting on or after 1 January 2025 in-scope Jersey companies and branches of multinational groups will pay an effective rate of 15% on their Jersey profits under the new MCIT.

Agent update

Issue 24 of HMRC’s agent update is available. It includes articles on P87 employment expenses claims basis period reform and the trust registration service.

Rental income

HMRC has published new guidance for taxpayers on how to check if they need to report income from renting out a room in the main home – including as a bed and breakfast the main home a property that...