Owner Managed Business

 


The Chartered Institute of Taxation (CIOT) respond to the Treasury Committee inquiry Tax after coronavirus.

Normal politics were on hold at the online Conservative Party Conference, with shortened speeches and curtailed policy debate. The Chancellor committed himself to putting the “overwhelming might of the British state” at the service of struggling businesses and workers, but said that the books would need to be balanced eventually. On the fringe, and in media interviews and reports, there are clues as to which taxes are likely to rise. 

MPs on the House of Commons Treasury Committee questioned tax experts from CIOT, ICAEW and ICAS as part of their Tax after Coronavirus inquiry from 9.30-11.30 on Tuesday 15 September. A live blog of the hearing appears below.  

MPs are considering amendments and new clauses tabled to the Finance Bill, relating to tax reliefs and easements and support measures in response to coronavirus. After report stage third reading debate will take place.

The Chartered Institute of Taxation (CIOT) comments on the the draft legislation on Taxation of coronavirus support payments.

The Chartered Institute of Taxation (CIOT) respond to the Treasury Committee inquiry in to the Spring Budget 2020

MPs on the Treasury Committee questioned a minister and two of the Treasury’s most senior civil servants in the latest session of its inquiry into the economic impact of coronavirus, held on Wednesday 29 April.

The Finance Bill had its second reading in the House of Commons on Monday 27 April.  The Bill includes measures such as a Digital Services Tax, changes to the controversial Loan Charge and retaining corporation tax at 19 per cent (rather than implementing a previously legislated cut to 17 per cent). It makes some business reliefs more generous to encourage investment but introduces restrictions on the availability of two capital gains tax reliefs - entrepreneurs’ relief and private residence relief.

Further directions issued today by the President of the First-tier tax tribunal, Judge Sinfield, to the Tax Chamber and Tribunal users extending, in relation to certain proceedings, the general stay of all proceedings released on 24 March (as amended and released on 26 March).

The Labour Party have published their general election manifesto, which includes plans for higher corporation tax, income tax increases for those earning more than £80,000 and taxing capital gains and dividends at income tax rates with a single allowance.