Weekly tax brief | 14 June 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.  

Food subsidies may provide answer to fat tax conundrum 
Chris Etherington
The government’s Food Strategy ignored the suggestions made by an independent report to introduce a sugar or salt tax to improve the nation’s health. If a salt and sugar reformulation tax on food and drink is an ’unattractive’ option to curb the nation’s waistlines, a subsidy on fruit and vegetables could provide the answer.

Tax cuts can be complex: can they achieve what they are meant to?
Jackie Hall
Faced with a cost of living crisis and a weakening economy, the Chancellor is under pressure to make further tax cuts to stimulate growth. But how can this be done fairly?

Get a reliable ATED valuation before HMRC decides one for you 
Michaela Norman
With the UK House Price Index for April 2022 being released next week, those impacted by the Annual Tax on Enveloped Dwellings (ATED) regime need to ensure that they have a reliable valuation of their properties as of 1 April 2022 for their ATED returns for the next five years. If not, HMRC could challenge returns and with the rise in property inflation, the UK House Price Index for April 2022 could be used as a benchmarking tool.

 

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