Weekly tax brief | 1 February 2022

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments. Please feel free to share this update with any of your colleagues and invite them to sign up to our regular briefings here.

Landlords and second-home owners boost CGT revenues
Chris Etherington
Whilst many government tax receipts have plunged during the pandemic, capital gains tax revenues have surged. A dive into the detail shows that landlords and second-home owners have helped to significantly increase the CGT collected by the Treasury.

Think your business can ignore the plastic packaging tax deadline? Think again!
Grace King
On 1 April 2022, the UK government’s new plastic packaging tax (PPT) will come into force. PPT will not only affect manufacturers of plastic packaging, but importers too. With time running out to prepare, businesses must ensure they are ready for PPT and its considerable record keeping requirements. 

Has the OECD really solved the problem of corporate tax avoidance?
Andrew Seidler
The G7, G20 and the OECD have each trumpeted the agreement to a 15 per cent global minimum corporate tax rate. We now have the model rules and there are more yet to come. The UK government has launched a consultation from which we glean insights into the process. Meanwhile the UAE, taking account of the global initiative, has announced its own 9 per cent corporate tax rate. While touted as an exemplar of global collaboration to prevent unacceptable tax avoidance, the mantra “tax or let someone else tax” may produce unintended effects.