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Govt. announces raft of ‘tax day’ consultations
The Government has published a raft of tax documents and consultations to help strengthen policy making to create a more “modern and trusted” tax system.
The Treasury released 30 tax updates, consultations and documents, which would have traditionally been released at the 2021 Spring Budget, which include plans for tighter tax rules on second properties and simplify inheritance tax red tape.
As part of the release, the Government announced a cut in inheritance tax red tape for over 200,000 estates every year, resulting in a “dramatic” reduction in paperwork for families to fill out.
As a result, 90% of non-tax paying estates each year will not have to complete inheritance tax forms.
Other consultations released include guidance on clamping down on tax avoidance, timely payments and Making Tax Digital.
The Treasury said none of today's announcement, which has been dubbed ‘tax day’, will impact on the Government’s finances or require legislation in the current Finance Bill.
Jesse Norman, Financial Secretary to the Treasury, said:
“We are making these announcements in order to increase the transparency, discipline and accessibility of tax policymaking.
“These measures will help us to upgrade and digitise the UK tax system, tackle tax avoidance and fraud, among other things.”
Click here to read the full list of policies and consultations.
Speak to us for more information on the announcements.