Media and politics

The Public Accounts Committee (PAC) has called on HMRC to ‘urgently explain’ why some taxpayers have been unable to access government support during the Coronavirus pandemic.

A peer has asked the Government what steps it has taken to ascertain the impact of the equalisation of capital gains tax (CGT) to income tax on entrepreneurs starting new businesses, after the move was suggested in an Office for Tax Simplification report in November.

Financial Secretary to the Treasury Jesse Norman and Treasury officials gave evidence to the Treasury Committee on Monday 18 January on topics including the tax policymaking process, business and personal tax after the pandemic and how the tax system can raise revenue without hindering growth.

The UK and EU agreed a Trade and Cooperation Agreement (TCA) on Christmas Eve. This was passed by the UK Parliament on 30 December and took effect at the end of the following day as the UK left the single market and customs union at the end of the Brexit transition period (also known as the implementation period). While the agreeing of a deal (even a fairly limited one) has been widely welcomed, the rushed process, requiring businesses to adopt new ways of working at a few days notice, has faced criticism.