Tuesday 30 November 2021 marked ‘Tax
Administration and Maintenance’ (TAM) Day, and saw the government publish a
series of documents building on its 10-year tax administration strategy.
The second event of its kind (following Tax Day in March 2021), TAM
Day’s focus was threefold:
modernisation of the UK tax system
tax policy announcements
To this end, the government published a number of consultations,
responses to consultations and policy announcements.
Key documents included:
to a consultation on modernising the tax administration system
details on research & development (R&D) tax reliefs
government’s first five-year review of the Office of Tax Simplification’s (OTS)
Treasury’s response to the OTS’s reviews of Inheritance and Capital Gains Tax
to a consultation on Making Tax Digital (MTD) for Corporation Tax
consultation on making Stamp Duty Land Tax reliefs fairer
technical consultation on proposals to update the Business Rates system.
For the full list of TAM Day publications, please visit GOV.UK.
Chancellor accepts some OTS recommendations on
Capital Gains Tax
An open letter to the OTS on behalf Rishi Sunak reveals that the
Treasury has accepted five recommendations for the improvement of the Capital
Gains Tax (CGT) system:
the various methods of CGT reporting and payment into a Single Customer Account
the reporting and payment deadline for the UK property return to 60 days
the ‘no gain no loss’ window on separation
the specific Rollover Relief rules which apply where land and buildings are
acquired under Compulsory Purchase Orders (CPO)
HMRC guidance in certain specific areas.
The Treasury will not be accepting
any of the OTS’s recommendations on Inheritance Tax at this moment in time due
to the need to seek a wider range of views.
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