CONSULTATIONS ISSUED ON “TAX DAY” BY TREASURY
The Treasury’s consultations issued on “Tax Day” broke with tradition replacing the normal bundle of tax consultation documents released on Budget Day. This year however they decided to delay the publication for 3 weeks after the Budget. It was expected that the pack might include major changes to CGT and IHT, but it would seem that these have yet again been delayed. They have accepted some of the recommendations by the Office of Tax Simplification (OTS) on simplifying IHT reporting. From 1 January 2022 over 90 per cent of non-taxpaying estates each year will no longer have to complete IHT forms for deaths when probate is required. The government will also consider bringing in a new digital system for IHT and probate reporting.
Another consultation is seeking views on modernising the tax administration system including changes to the payment dates for those outside PAYE. It would appear that HMRC are reconsidering a possible Pay as You Go system for the self-employed that was first suggested way back in 2016.
Call Brian Russell on 01661 872004 to discuss any of your tax problems.