Press releases

 


The Chancellor of the Exchequer has today announced a new levy on soft drinks that contain added sugar.

The Chartered Institute of Taxation (CIOT) has welcomed Chancellor George Osborne’s announcement today during the Budget that the Petroleum Revenue Tax (PRT) would be ‘effectively abolished’. 

In a neutral Budget overall, with many modest tax increases and decreases, the biggest tax increase was in corporation tax.

The LITRG has welcomed measures announced today that seek to enable more pensions advice to be made available on a tax-free basis to savers, but points out that significantly more needs to be spent on education in this area.

The Government has announced new rules restricting the amount of interest expenses that can be deducted when a company calculates its taxable profit. Commenting, Glyn Fullelove, Chair of the Chartered Institute of Taxation’s International Taxes Sub-Committee, said: 

The Chartered Institute of Taxation (CIOT) has urged the Government to apply the same principles of simplicity, clarity and brevity to the tax code as it is urging businesses to apply to their terms and conditions online.

The Chartered Institute of Taxation (CIOT) has called on the Government to rethink its approach to legislating for the Apprenticeship Levy because of a worry that smaller businesses may lose out by being unable to make full use of their £15,000 levy allowance. 

A plan for radical reform of national insurance (NI) has been welcomed by the Chartered Institute of Taxation. The Institute sees the potential for significant simplification of the tax system and encourages the Government to seize the opportunity to make this plan a reality. 

The Low Incomes Tax Reform Group (LITRG) has asked the Government to delay changes to national insurance contributions (NICs) for the self-employed to ensure the impact is fair and those affected understand the implications.

The Chartered Institute of Taxation (CIOT) has welcomed the appointment of Edward Troup as Executive Chair of HMRC.