The UK government has unveiled a series of proposals aimed at curbing exploitative practices in the ticket resale market, seeking to protect consumers from exorbitant prices and enhance transparency in ticket sales.

Key Proposals:

• Capping Resale Prices: The government is considering implementing a cap on ticket resale prices, potentially limiting them to the original face value or allowing a maximum increase of up to 30%. This initiative aims to prevent professional touts from purchasing large quantities of tickets and reselling them at significantly inflated prices, a practice that has frustrated fans and hindered fair access to events.
• Limiting Ticket Quantities for Resale: To further deter large-scale touting, there is a proposal to restrict the number of tickets an individual can list for resale to the maximum number permitted per purchase in the primary market. This measure seeks to prevent organized groups from monopolizing ticket availability and profiting unfairly.
• Enhancing Accountability of Resale Platforms: The government plans to introduce stricter regulations for ticket resale websites and applications, ensuring they provide accurate information regarding ticket prices and availability. This move is intended to increase transparency and protect consumers from misleading practices.
• Stricter Penalties and Licensing Requirements: The proposals include the possibility of imposing tougher fines and establishing a licensing regime for resale platforms that violate ticketing rules. Currently, penalties for such breaches are limited, and the government aims to introduce more stringent consequences to deter malpractice.

These measures are part of a broader effort to address concerns raised by consumers and industry stakeholders about unfair practices in the ticketing market. The Competition and Markets Authority (CMA) has previously highlighted issues such as significant mark-ups on secondary ticket sales, with some tickets being resold for up to six times their original price. Research indicates that such practices cost music fans an estimated £145 million annually.

The UK's Competition and Markets Authority (CMA) has initiated its new digital markets competition regime, effective from January 1, 2025, following the Digital Markets, Competition and Consumers Act's Royal Assent in May 2024.

Strategic Market Status (SMS) Designations

Under this regime, the CMA can designate firms with "Strategic Market Status" (SMS) concerning specific digital activities. This designation applies to companies with substantial and entrenched market power, allowing the CMA to impose conduct requirements or introduce pro-competition interventions to enhance outcomes for UK consumers and businesses.

Upcoming Investigations

The CMA plans to launch SMS designation investigations in three digital activity areas within the first six months of 2025. The initial two investigations are scheduled to commence in January, with details forthcoming later this month. A third investigation is anticipated towards the end of this period, allowing the CMA to manage resources efficiently and minimize stakeholder burden. Each investigation has a statutory completion timeline of nine months.

Commitment to Fair Competition

Sarah Cardell, Chief Executive of the CMA, emphasized the regime's role in balancing investment and innovation benefits from large digital firms with ensuring a level playing field for UK tech start-ups and scale-ups. The regime aims to foster more innovation, choice, and competitive pricing for UK businesses and consumers.

Guidance and Stakeholder Engagement

The CMA has published guidance detailing its approach to the new regime, including an 'explainer' guide for businesses, advisors, and stakeholders. This initiative underscores the CMA's commitment to transparency, proportionality, and predictability in enforcing the new regulations.

International Context

The UK's approach aligns with global trends in regulating digital markets. For instance, the European Union's Digital Markets Act enforces similar regulations to ensure fair competition among digital platforms.

The CMA's proactive measures reflect a commitment to fostering a competitive digital economy, ensuring that dominant market players do not stifle innovation or consumer choice. As the regime unfolds, its impact on the digital marketplace will become more evident, with the potential to set precedents for digital market regulation globally.

The 31 January 2025 deadline for self-assessment tax returns is fast approaching. Avoid penalties and last-minute stress by filing your return and paying any tax due promptly. Don’t forget, first-time filers need to register for HMRC’s online service without delay.

You should also be aware that payment of any tax due should also be made by this date. This includes the remaining self-assessment balance for the 2023-24 tax year, as well as the first payment on account for the 2024-25 tax year.

A recent press release by HMRC has highlighted the fact that 4,409 taxpayers took the time to file their tax return online on Christmas Day with a further 11,932 taxpayers completing their tax returns on Boxing Day. In total, 40,072 self-assessment returns were filed between 24 and 26 December. The total number of submissions for the period was significantly more than in the previous year.

If you are filing online for the first time you should ensure that you register to use HMRC’s self-assessment online service as soon as possible. Once registered an activation code will be sent by mail. This process can take up to 10 working days.

If you miss the filing deadline then you will be charged a £100 fixed penalty (unless you have a reasonable excuse) which applies even if there is no tax to pay, or if the tax due is paid on time. There are further penalties for late tax returns still outstanding 3 months, 6 months and 12 months after the deadline. There are also additional penalties for late payment amounting to 5% of the tax unpaid at 30 days, 6 months and 12 months.

Misplaced your National Insurance number? Do not worry! From checking payslips to using the HMRC app, there are many ways to recover it. If all else fails, you can request it via post. Here is everything you need to know to locate or apply for your NI number.

Firstly, you could try and locate the number on paperwork such as your tax return, payslip or P60. You can also use your personal tax account or the HMRC App to find your National Insurance number.

If your National Insurance number still cannot be found a request can be submitted in writing to HMRC using form CA5403 or by telephone. HMRC will not disclose your number over the telephone and will instead send the details by post to the address HMRC has for you on file. The details should arrive within 15 days.

Teenagers should automatically be sent a letter just before their 16th birthday detailing their National Insurance number. These letters should be kept in a safe place. The old plastic National Insurance cards that some of our readers may remember are no longer available.

The National Insurance number helpline can help those aged between 16 and 20 who have not received a letter with details of their National Insurance number as well as other new applicants. An individual must have the right to work or study in the UK in order to apply for a National Insurance number.

Are you a landlord? Maximise your rental income by knowing which expenses you can claim to reduce your tax bill. From maintenance costs to Replacement of Domestic Item Relief, understanding allowable deductions is key to smart property management.

If you are a landlord, it is important to be aware of the expenses that can and cannot be claimed from rental income. As a general rule, allowable expenses must be wholly and exclusively for the purpose of renting out the property. In some cases, a proportion of expenses can be claimed if part of the expense relates to the property business.

Common types of deductible revenue expenditure include:

• General maintenance and repairs to the property (but not improvements).
• Water rates, council tax, gas, and electricity.
• Insurance costs.
• Letting agent and management fees.
• Qualifying legal and accountancy fees.
• Direct costs such as phone calls, stationery, and advertising for new tenants.
• Vehicle running costs (only the proportion used for the rental business), including mileage rate deductions for business-related motoring costs.

Additionally, the Replacement of Domestic Item Relief allows landlords to claim tax relief when replacing furniture, furnishings, appliances, and kitchenware in a rented property, provided certain conditions are met.

Landlords should also keep a record of any capital expenditure incurred on investment properties. These expenses cannot be claimed as revenue expenditure against rental income but can usually be offset against Capital Gains Tax when selling a property.