Tax Day 2021: Highlights
Tuesday 23 March 2021 was the UK’s inaugural ‘Tax Day’, on which the government published a number of tax policies and consultations, setting out measures to help shape the next steps in delivering its ten year tax administration strategy, announced in July 2020.
The paper includes a range of policy announcements and updates to support wider improvements in the tax system, including business rates and environmental taxes, as well as measures to drive down non-compliance and enhance tax simplification.
A summary of the announcements, calls for evidence, consultations and published responses can be found below:
- Reduced inheritance tax reporting requirements;
- Self-catering accommodation criteria for business rates;
- ‘Making Tax Digital’ to include income tax self-assessment;
- Investment in digital infrastructure;
- Dormant Assets Scheme expansion; and
- Pensions tax technical updates.
Calls for evidence
- Tax administration framework review – closing 13 July 2021; and
- Payment of income tax and corporation tax – closing 13 July 2021.
Consultations and discussion documents
- Clamping down on promoters of tax avoidance – closing 1 June 2021;
- Raising standards in tax advice market – closing 15 June 2021;
- Securitisation tax rules – closing 3 June 2021;
- Transfer pricing documentation – closing 1 June 2021;
- Aviation tax – closing 15 June 2021;
- Aggregates Levy – closing 15 June 2021;
- Notification by large businesses of an uncertain tax treatment – closing 1 June 2021;
- No safe havens: Helping tax payers get offshore tax right – closing 15 June 2021; and
- No safe havens: Preventing and collecting international tax debt – closing 15 June 2021.
Responses and reports
- Fundamental review of business rates;
- Tackling disguised remuneration tax avoidance;
- Taxation of trusts;
- VAT Partial Exemption and Capital Goods Scheme;
- VAT grouping;
- VAT and value shifting;
- VAT and the public sector;
- Social Investment Tax Relief (SITR);
- Carbon Emissions Tax; and
- Sanctions for illicit tobacco.
- The effectiveness of the Office of Tax Simplification;
- Simplification of the land and property VAT rules;
- Residential property developer tax;
- Tax treatment of superfunds; and
- Landfill Tax.
Full details are available, here.