Press releases

The Government should have held an open, public consultation on Entrepreneurs’ Relief before deciding the relief’s fate, says the Chartered Institute of Taxation (CIOT).

Today’s Budget announcement1 that the lifetime limit for Entrepreneurs’ Relief will be reduced from £10m to £1m with immediate effect was against a background of speculation about the fate of this relief, a relief that has been subject to widespread criticism on many fronts - for costing too much, not encouraging start-ups and being claimed by relatively few people.

The government has today announced support for small and medium-sized businesses and employers to cope with the extra costs of paying COVID-19 related Statutory Sick Pay (SSP) by refunding eligible SSP costs. The government has also recognised that its existing systems are not designed to facilitate such employer refunds for SSP and intends to set up a repayment mechanism for employers over the coming months.

The Chartered Institute of Taxation (CIOT) welcomes the announcement today that the government will publish an evaluation of the introduction of Making Tax Digital (MTD) for VAT along with related research, with the implication that this will be done before rolling out MTD to other taxes.

The Chartered Institute of Taxation (CIOT) welcomes today’s Budget announcement that the government will introduce a new way for importers to account for import VAT from 1 January 2021.