Today, 23 March 2021, has been badged “Tax Day” following The Chancellor’s announcement that the results of a number of tax consultations will be released today for review and a request for input by Professional Advisors, Industry bodies and any other interested p
We believe the output from the Consultations will be suggested tax changes for The Chancellor’s review together with calls for evidence where more work is needed in order to accurately provide suggestions on changes to the tax system that will benefit the country.
These consultations are part of a bid for an “honest and transparent” process for establishing tax changes and the request for input from Tax Professionals and other interested parties is being requested with the objective of understanding further of the changes on UK business and tax payers. The UK government hopes that these papers will strengthen policy making and increase visibility over these measures.
We know the Enterprise Management Incentive Share Plan will form part of the consultation papers and there is speculation that changes to Capital Gains Tax and Inheritance Tax will be recommended given these have already been mooted in the last 6 months, together with comment on the fairness of an online tax for online retailers and a Wealth Tax.
Our AAB team will review the output of these consultation papers and update you on the effects. We will also submit our views as to the appropriateness and effect of proposed changes.
If you have any questions at all please contact Katy Thomson, Corporate Tax Senior Manager
Find out more about AAB's Corporate Tax team here