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May 2021
Chris Etherington
Weekly tax brief

Biden could inspire a UK exit tax

The Biden administration may have noted rumours about capital gains tax (CGT) changes Rishi Sunak was considering last year, as it has proposed similar plans to double the US CGT rate to 39.6 per cent. If the US President is successful in pushing through his proposals, it could motivate the Chancellor to impose similar changes in the UK. Be warned: Rishi Sunak may also take inspiration from another US policy to ensure its success - an exit tax on individuals.

3 minutes
October 2020
George Bull
Weekly tax brief

Tax, ESG and the US presidential election

Environmental, Social and Governance (ESG) investing is a huge and growing trend. With increasing recognition that tax avoidance is something which requires great skill but may not be very smart, two recent developments put tax firmly back on the list of hot governance topics. The big question now is whether the next US administration will be prepared to give way on sufficient points to allow the new OECD plan to go ahead.

4 minutes
September 2020
Sarah Saunders
Weekly tax brief

Why are US figures used in the algorithm which calculates the UK tax gap?

The tax gap is HMRC’s estimate of the difference between the tax which should be paid, and the tax that is actually paid. It is a key factor in determining tax policy. It is therefore surprising to learn that US calculations of non-disclosure percentages are currently used to calculate the UK tax gap. The radical differences between the UK and US tax systems suggest this must distort the results.

3 minutes

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