Weekly tax brief - 14 March 2017

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments.

Tell us how much income tax you think top earners should pay

14 March 2017

In his Budget statement on 8 March, Chancellor of the Exchequer Philip Hammond used the word ‘fair’ no fewer than 19 times. But having emphasised that a fair system tax ensures that those with the broadest shoulders bear the heaviest burden, not once did he say what he thought would be fair share of income tax to be paid by the highest earners. So what do you think?

Do inheritance tax changes mean I should change my will?

14 March 2017

Some changes in inheritance tax law can affect your will. On 6 April 2017 the first tranche of the Residential Nil Rate Band (RNRB) of £100,000 will be introduced, with further increases up to a maximum of £175,000 by 6 April 2020. The conditions to qualify for the RNRB are such that careful Will drafting is required.

Employers should be aware of the pitfalls of NLW and NMW

14 March 2017

Increase in the National Living Wage announced in the Budget followed the publication of employers named and shamed for failing to pay their staff the minimum wage.

Forget Class 4 NIC – the Chancellor should be tackling tax evasion

14 March 2017

The amount of extra revenue generated by the rise in NICs announced at the Budget is a mere drop in the ocean compared to the total Tax Gap of £36bn. Wouldn’t tackling tax evasion by offering some kind of amnesty be a more effective way of raising revenue?