Media and politics

The Scottish Government published its draft Budget for 2021/22 on Thursday, the last before the Scottish Parliament elections take place later this year.

The various publications related to the Budget statement can be accessed from the Scottish Government website: https://www.gov.scot/budget/.

HMRC have not made enough progress on the loan charge more than a year after a review concluded the policy caused serious distress to some taxpayers, according to a House of Lords committee.

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.

The Government has published its response to the October Public Accounts Committee (PAC) Tackling the tax gap report. It appears in pages 10 -14 of the latest Treasury Minutes.

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.

 

The Treasury Select Committee took evidence from CIOT and other professional bodies on the ecomomic impact of Coronavirus. A second session took evidence from two economists.

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.

Chancellor Rishi Sunak gave an economic statement to the Commons this week (11 January).

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.

The Treasury Committee continued its inquiry into Tax after Coronavirus with a session focused on taxation of businesses, held the week before Christmas.