A new series of tax documents and other consultations have been released in a move to help create a simplified and more trusted modern taxation system in the United Kingdom ...
Included in the release was:
- A call for evidence with the Tax Administration Framework, creating a trusted, modern tax administration system that is simpler and easy to use.
- A consultation on the potential changes to Air Passenger Duty by cutting tax on domestic flights which includes consultation on carbon reduction.
- An interim report regarding the Government's fundamental review of Business Rates with the final report being published later in the year.
You can see a full list of announcements by clicking here
The Government has also announced a tightening up of tax rules for second property owners. This means they can only register for the business rates scheme if their property is a genuine holiday let.
In England, the situation is that many holiday lets pay Business Rates rather than Council Tax if an owner declares they will be letting out their property in the next year. However, many owners attempt to save money by declaring a property as a let, but making no effort to let it out.
There is also an announcement about a cut in Inheritance Tax red tape for over 200,000 estates each year, with over 90% of non0taxpaying estates not having to complete Inheritance Tax forms from the 1st of January 2022.
The Government are making these announcements to help increase transparency and accessibility of policymaking. They are part of an effort to both upgrade and digitise the United Kingdom's tax system and tackle avoidance and fraud.
I welcome these announcements and believe that future policy decisions will have more informed input from a wider range of views. We all need more trust in the tax system, and this is certainly going to help.
It's an encouraging move from the Government.
If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.