Tax Administration and Maintenance Day 2021

Tuesday 30 November 2021 marked ‘Tax Administration and Maintenance’ (TAM) Day, and saw the government publish a series of documents building on its 10-year tax administration strategy.  

The second event of its kind (following Tax Day in March 2021), TAM Day’s focus was threefold:

  1. The modernisation of the UK tax system
  2. Tackling non-compliance
  3. Further tax policy announcements

To this end, the government published a number of consultations, responses to consultations and policy announcements.  

Key documents included:

  • Responses to a consultation on modernising the tax administration system
  • Further details on research & development (R&D) tax reliefs
  • The government’s first five-year review of the Office of Tax Simplification’s (OTS) effectiveness
  • The Treasury’s response to the OTS’s reviews of Inheritance and Capital Gains Tax
  • Responses to a consultation on Making Tax Digital (MTD) for Corporation Tax
  • A consultation on making Stamp Duty Land Tax reliefs fairer
  • A technical consultation on proposals to update the Business Rates system.

For the full list of TAM Day publications, please visit GOV.UK.

Chancellor accepts some OTS recommendations on Capital Gains Tax

An open letter to the OTS on behalf Rishi Sunak reveals that the Treasury has accepted five recommendations for the improvement of the Capital Gains Tax (CGT) system:

  • Integrate the various methods of CGT reporting and payment into a Single Customer Account
  • Extend the reporting and payment deadline for the UK property return to 60 days
  • Extend the ‘no gain no loss’ window on separation
  • Expand the specific Rollover Relief rules which apply where land and buildings are acquired under Compulsory Purchase Orders (CPO)
  • Improve HMRC guidance in certain specific areas.

The Treasury will not be accepting any of the OTS’s recommendations on Inheritance Tax at this moment in time due to the need to seek a wider range of views.