News

Whilst welcoming today’s announcement that benefits, including universal credit, will rise by 10.1% from April 2023, LITRG are highlighting that some self-employed universal credit claimants may not see the full value of the rise. This is because the artificial minimum income floor that is applied to some low paid self-employed claimants in universal credit is directly linked to the minimum wage which will also rise from 1 April 2023.

The Chartered Institute of Taxation (CIOT) has welcomed today’s announcement that the Government will not be going ahead with an Online Sales Tax.

Reductions to the capital gains tax (CGT) annual exemption and the dividend allowance announced today will mean hundreds of thousands more people each year having to complete tax returns. This in turn will increase the workload of an already stretched HM Revenue and Customs.

Today’s announcement that the National Living Wage rate will increase by 9.7% from 1 April 2023 will be of benefit to some workers, but LITRG are concerned some employers may try to avoid these extra costs by turning to the ‘false self-employment’ of workers, the effects of which can be detrimental and far reaching.

Today’s Autumn Statement reveals that the Government are expecting to raise over £2 billion a year as a result of the G20-OECD proposals for a minimum global rate of corporation tax (known in the OECD jargon as ‘Pillar 2’). The Chartered Institute of Taxation (CIOT) is suggesting the amount likely to be raised could be significantly lower than this, unless other countries choose to implement the proposals in different ways that would not work to their best advantage.

Commenting on today’s announcement of a ‘rebalancing’ of Research and Development (R&D) tax credit reliefs away from small and medium sized businesses (SMEs) to larger ones the Chartered Institute of Taxation (CIOT) has called on the Government to stop taking an over-zealous approach to what qualifies as R&D for the purposes of SME relief.

HMRC should be encouraged to do more to help employers and employees manage the post-pandemic trend of hybrid and distance working, says the Chartered Institute of Taxation (CIOT).

Commenting on the Office of Tax Simplification (OTS) report on the income tax rules for residential property income published today (Tuesday), Leigh Sayliss, Vice-Chair of the Chartered Institute of Taxation’s (CIOT) Property Taxes Committee, said:

HMRC’s performance standards need to be improved if the tax authority is to play its essential role in supporting taxpayers and businesses, the Chartered Institute of Taxation (CIOT) has told MPs on the House of Commons Public Accounts Committee (PAC).

If the Government is serious about ‘embedding simplification’ in the UK’s tax policy-making process it should retain the Office of Tax Simplification (OTS) and consider strengthening it, the Chartered Institute of Taxation (CIOT) has told the Chancellor.