Tax and compliance in the face of ‘unfathomable debt’
This article was first published in the ICLG – Private Client.
The UK Government made available wide financial support during the pandemic, ranging from tax payment deferral to payment support for the employed and the self employed. With the third lockdown lasting for the first quarter of 2021, the need for financial support lasted longer than might have been envisaged when first introduced. The Government also needed to spend more on goods and services in response to the pandemic.
In an article authored by senior partner Helen Ratcliffe and legal director Lara Mardell, which was originally published in the ICLG – Private Client, they look back at the limited number of tax changes and look ahead to what we might see from the direction of travel of tax policy and compliance, particularly in the UK. Topics covered include:
- the Government’s introduction of a 1.25% increase to National Insurance, payable by both employees and employers, from April 2022;
- a discussion of the suggested one-off ‘wealth tax’ (or ‘Covid Recovery Tax’) and the alternatives that have been proposed to raise funds for the country; and
- calls for evidence on the Tax Administration System, Tackling Non-Compliance, and Preventing and Collecting International Debt.
Clearly setting out the changes to tax policy suggested since the pandemic began, this article walks the reader through the complex landscape of the past 12 months, highlighting the entwined nature of politics and tax policy.
Is the predicted ‘unfathomable debt’ avoidable?
Read the article to find out, here.