Today HM Treasury released a number of consultation documents as part of the first ‘Tax Day’.
We were expecting major announcements surrounding the future of UK taxes, however the information released today has been a slight anti-climax!
The consultations primarily relate to anti-avoidance measures and the administration of taxes within the UK, with the key focus being the simplification of the tax payment system and the roll out of Making Tax Digital, however several other key points were also made reference to.
Within the series of announcements came confirmation that the Taxation of Trusts review is now complete and no changes to the Trust tax system are required. There was also confirmation that the previously announced simplification surrounding Inheritance Tax will go ahead, meaning that over 90% of non-taxpaying estates each year will no longer have to complete Inheritance Tax forms for deaths when probate or confirmation is required.
Our experts will be reviewing the consultations released today and will use this as an opportunity to feed back to HM Treasury our thoughts on the proposed changes to the administration of taxes within the UK; thus ensuring that our views are heard for the best possible outcomes for our clients.
We will release further in-depth analysis as the consultations progress.
23 March 2021
23 March 2021
19 February 2021
26 October 2020
24 September 2020
18 August 2020
24 July 2020
8 July 2020
7 July 2020
11 March 2020
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