Recent independent reports on changes to capital gains tax and inheritance tax and on the possible introduction of a wealth tax mean that the Chancellor is not short of options to reform capital taxes in the UK on Budget Day. Two overriding questions confront the Chancellor. What does the government want to achieve? And is now the right time to increase taxes?
Basic rate taxpayers are now facing child benefit claw-back charges. Is the whole HICBC system still fit for purpose?
The online portal for the new payment scheme, which will allow businesses more time to pay back VAT deferred under last spring’s coronavirus reliefs, opens on 23 February. Has HMRC done enough to make sure all VAT registered traders can benefit?
Does the tax system as it stands make sense? The Institute for Fiscal Studies argues it distorts taxpayer’s behaviour and produces illogical differences between tax rates for different business structures.
Now the UK has left the EU’s VAT system, will the government use its new autonomy to allow more property owners and leaseholders to benefit from VAT relief when replacing cladding found to be dangerous after the Grenfell Tower fire?
The Organisation for Economic Co-operation and Development (OECD) has recently published further guidance on the impact of the coronavirus pandemic on tax treaty related issues, which seeks to clarify the tax position of individuals and businesses affected by ongoing travel restrictions.
The SDLT holiday has tempted many to purchase buy-to-let properties, but their new venture may not be as lucrative as it seems. Changes to tax relief for mortgage interest can easily affect the tax liability, but less known is the impact on Child Benefit and Student Loan repayments. Younger people and parents may be in for a surprise from their tax return and could be forced to increase rents to make their investment worthwhile.
Changes to NHS pensions announced last week could lead to GPs accelerating retirement plans, armed with a larger pension pot at age 60 and up to five-figure tax refunds.
The European Parliament recently commented that the EU’s list of tax havens is ‘confusing and ineffective’. This seems to be stating the obvious, for several reasons.