News

The Chartered Institute of Taxation (CIOT) has given a cautious welcome to a government proposal for an ultimate legal requirement for anyone who wants to provide tax advice on a commercial basis to belong to a recognised professional body. The CIOT said an alternative proposal for a new government regulator of tax advisers would be costly and ineffective. The Institute was responding to a HMRC call for evidence on options to raise standards in the market for tax advice to benefit taxpayers and to better protect the public purse.¹

Carers in Wales look likely to miss out on the full amount of a government bonus, warns the Low Incomes Tax Reform Group (LITRG).

HMRC has today released an ambitious ten year plan for modernising the tax system,¹ capitalising on the opportunities provided by technological advancement. The Low Incomes Tax Reform Group (LITRG) broadly welcomes the direction of travel, but urges HMRC to ensure that no-one is left behind in the move to an ever more digital system.

HMRC have announced¹ that, from April 2023, self-employed businesses and landlords with turnover above £10,000 per year will be required to keep digital records and submit income tax updates every three months instead of filing annual self-assessment tax returns.

Commenting on the publication today of draft legislation and a consultation document on tackling promoters and enablers of tax avoidance schemes, CIOT Tax Policy Director John Cullinane said:

The Chartered Institute of Taxation (CIOT) has welcomed the launch of a fundamental review of Business Rates in England. The Government published a call for evidence today following an initial announcement at Budget 2020.

The Chartered Institute of Taxation (CIOT) is warning that a new Stamp Duty Land Tax (SDLT) surcharge on non-UK residents purchasing residential property in England and Northern Ireland will add further complexity to an already highly complicated SDLT regime which applies to purchases of residential property.

The Low Incomes Tax Reform Group (LITRG) has welcomed today’s publication of a Call for Evidence on pensions tax relief administration,¹ describing it as a chance to finally end the injustice that means that around 1.75 million people on low incomes (mostly women) are being unfairly charged 25 per cent more for their pension contributions due to the way their employers’ pensions schemes operate.

The ATT and CIOT welcome the clarity brought about by today’s announcements around Making Tax Digital, finally ending the speculation about its extension to income tax, but warn that tensions around compliance costs will remain.

Responding to today’s (20 July) Public Accounts Committee report on Management of Tax Reliefs, CIOT Tax Policy Director John Cullinane has called for a programme of systematic review of tax reliefs to be put in place urgently, to ensure all reliefs are delivering value-for-money.