Press releases

 


The Chartered Institute of Taxation (CIOT) is highly critical of the Government’s proposal to extend significantly the tax assessment time limits indiscriminately in cases involving offshore matters. The Institute believes that the case for such a large and broadly applied increase has not been made and risks resulting in unfairness for taxpayers and perverse incentives toward the care taken with tax returns.

The Low Incomes Tax Reform Group (LITRG) has welcomed today’s House of Commons Work and Pensions Committee report which makes a number of recommendations on how universal credit could better support self-employed claimants, including calling for greater flexibility in income reporting periods and for better alignment with the tax system.

A new report highlights how care workers are losing out because of the confusing and unhelpful way in which their working arrangements and low pay interact with tax, welfare and minimum wage rules.

Commenting on the start of the Office of Tax Simplification’s review of inheritance tax, John Bunker, Chair of the Chartered Institute of Taxation’s Succession Taxes Sub-committee, said:

The Chartered Institute of Taxation (CIOT) has made a number of proposals for improving parliamentary scrutiny of the Finance Bill and other tax legislation.

Daily penalties of £10 will soon hit those yet to submit their 2016/17 Self-Assessment tax return form. It has led the Low Incomes Tax Reform Group (LITRG) to warn people in this position to file their return before the end of April in order to avoid the daily penalties accruing.

Scottish taxpayers are exposed to more complexity and potential confusion than ever before because of the introduction of new rates and bands of income tax from today, tax professionals have cautioned.

The Low Incomes Tax Reform Group (LITRG) is calling for more help for the low paid because of the increase in the cost of auto enrolment. This should include the Government both allowing those on the lowest pay to salary sacrifice and also finding a way to overcome the lack of tax relief for those in certain pension arrangements, says LITRG.

Commenting on the launch of three parliamentary reviews into the tax system, CIOT Tax Policy Director John Cullinane said:

A Scottish Government plan to help first-time homebuyers by giving them a relief on property tax could be complex and difficult to enforce under current proposals, tax professionals have warned.