The Low Incomes Tax Reform Group (LITRG) has welcomed HMRC’s decision to allow late loan charge spreading elections, but has warned of other barriers stopping people from meeting their loan charge obligations. HMRC must address these barriers to break the impasse, says LITRG.
The new President of the Chartered Institute of Taxation (CIOT), Peter Rayney, today said that revenue protection, consumer protection, and the reputation of the tax profession all demand that tax avoidance schemes are ‘stamped out’.
The Low Incomes Tax Reform Group (LITRG) welcomes the Government’s commitment to review options to tackle the cost to taxpayers of advisers who are claiming tax refunds on their behalf. But LITRG cautions that government must also address the underlying factors which drive taxpayers to use such services, and that where HMRC have evidence of meritless claims by particular agents, they must use their existing powers more to protect taxpayers.
Tax professionals welcome the Government’s publication today of a consultation on Making Tax Digital (MTD) for Corporation Tax – especially the confirmation that it is not compulsory for companies until at least 2026.1
The Chartered Institute of Taxation (CIOT) has welcomed today’s announcement by the government of the next steps in its efforts to raise standards in the tax advice market and to tackle promoters of tax avoidance.
LITRG is disappointed that the Office of Tax Simplification’s (OTS) 135-page review of the capital gains tax (CGT) regime and its recommendations fail to acknowledge fully how CGT affects unrepresented taxpayers – in particular, the role of the Annual Exempt Amount (AEA) in preventing inadvertent non-compliance by those unaware that they might have a CGT liability.
The Chartered Institute of Taxation has welcomed a report by the Office of Tax Simplification (OTS)1 - written at the Chancellor’s request and published today - that highlights flaws with capital gains tax.
The Chartered Institute of Taxation (CIOT) has welcomed today’s publication of a revised HMRC Charter setting out the tax authority’s customer service commitments. The CIOT is encouraging HMRC to actively promote the Charter to taxpayers and ensure its principles are embedded within the department’s day to day operations.
Leading tax adviser and commentator Heather Self and former cabinet minister David Gauke have been honoured for their outstanding contributions to the field of taxation by the Chartered Institute of Taxation (CIOT).
The Low Incomes Tax Reform Group (LITRG) suggests the Government looks to make the £500 Test and Trace support lump sum payments free from income tax. This will make them simple for people to understand and less expensive to administer. LITRG is also concerned that the current proposals mean people risk an unexpected tax debt.