In the news: May 2023

‘Christopher Thorpe, of the Chartered Institute of Taxation, said higher than expected tax receipts would give Jeremy Hunt “a bit more money to play with” in next month’s Budget, but added: “We’re still not expecting to see significant net tax cuts given the overall fiscal picture.’”

Financial Times, 21 Feb

‘John Cullinane, director of public policy at the CIOT, said there was a “strong case” for wider use of prosecutions by HMRC, but warned there was a risk of failed prosecutions taking up time and resources, resulting ultimately in a lower tax take for the Revenue, at least in the short term. He said: “Our preferred approach would be a public consultation on prosecution policy, to discuss the overall approach and the trade-offs needed to achieve that.’”

Financial Times, 6 March

‘If you’re self-employed or work in the gig economy, you are required to keep accurate financial records for five years. The Low Incomes Tax Reform Group have good advice on this.’

Emma Jones, CEO of Enterprise Nation, quoted in Good Housekeeping, 14 March

‘We believe the inheritance tax system, and especially taper relief, could be simplified and have previously called for the system to be restructured.’

Helen Thornley, ATT Technical Officer, on inheritance tax gifting rules, Daily Telegraph, 28 March

‘It’s very difficult to give any tax advice, other than to be aware that because these tax thresholds aren’t changing, we are all gradually going to pay more tax as a proportion of our earnings, as other things go up to try and compensate for inflation.’

Helen Thornley of ATT discussing tax changes for the new financial year on Radio 4’s Money Box, 5 April

‘Until now, the divergence created by devolution has not led to any noticeable changes in taxpayer behaviour. However more noticeable divergence may prompt those who are able to, to consider whether they can legitimately reduce their liabilities by working less, paying a bit more into their pensions or incorporating a business in order to avoid higher tax rates.’

John Cullinane, CIOT director of public policy, on Scottish taxes in the Scottish Daily Mail, 6 April