15:10 PM, 23rd March 2021, About A year ago
HM Treasury has published more than 30 tax updates, consultations and documents to, as they declare, ‘strengthen policymaking and modernise the UK tax system’. Click here to read the Command Paper
Of potential note for Landlords:
In England, many holiday lets are liable to pay business rates, rather than council tax, when an owner declares that they intend to let their property in the next year. They may also be able to claim rates relief of up to 100%. The change announced today will ensure that owners of properties that are not genuine businesses are not able to reduce their tax liability by declaring that a property is available for let but make little or no realistic effort to actually let it out.
Today’s update will also cut inheritance tax red tape for more than 200,000 estates every year, dramatically reducing the amount of paperwork many families fill out. Over 90% of non-taxpaying estates each year will no longer have to complete inheritance tax forms when probate or confirmation is required from 1 January 2022. None of today’s announcements will have any impact on the government’s finances or require legislation in the current Finance Bill.
John Cullinane, Director of Public Policy for the Chartered Institute of Taxation, said: “We welcome the establishment of a ‘tax consultation day’ in addition to the Budget as an opportunity for more focused scrutiny of tax measures and for broadening the public conversation about tax.
“Early and open consultation, seeking views and ideas as widely as possible at the earliest possible stage of policy development, leads to better tax law, which is in the interests of both taxpayers and their advisers, and the tax authority. We look forward to responding to the consultations launched today and encourage others to do likewise.”
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