Owner Managed Business

 


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).

Following the announcement at the Budget that the government would delay the implementation of the PAYE cap on the payable tax credit in the SME R&D scheme until 1 April 2021, the government has published a Summary of responses to last years’ consultation and a Second consultation.

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.

The Chartered Institute of Taxation (CIOT) has responded to some of the proposals in the Department for Business, Energy and Industrial Strategy’s (BEIS) consultation document ‘Corporate Transparency and Register Reform - Consultation on options to enhance the role of Companies House and increase the transparency of UK corporate entities’ which was published on 5 May 2019.

The CIOT response to the HMT call for evidence on Social Investment Tax Relief (SITR).

The CIOT comments sent to HMRC on Preventing abuse of the R&D tax relief for SMEs.

The CIOT comments sent to HMRC on the Structures and Buildings Allowance draft secondary legislation.