Tax Day 2021

The Spring Budget on 3 March was not the end of the taxing story.

The Spring Budget on 3 March was not the end of the taxing story.

The run up to the March Budget was accompanied by much press speculation about changes to capital gains tax (CGT), inheritance tax (IHT) and pension tax relief. The first two had been the subject of reports from the Office of Tax Simplification (OTS) while the Treasury has issued a consultation paper on the third. When Budget Day arrived, the trio received almost no mention from the Chancellor.

Attention then turned to ‘Tax Day’ – 23 March – when the Treasury had promised to publish a raft of documents that in earlier years would have come out alongside the Budget. The delay was designed to allow for more transparency and scrutiny by tax professionals. Once again, there was disappointment at what was missing. However, some indications of the direction of travel emerged from more than 30 sets of consultation papers, calls for evidence, summaries of responses and other documents issued on 23 March:

The absence of any major announcements on CGT, IHT and pensions could mean these will appear in the autumn Budget, leaving a window of planning opportunities until then.

The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax advice.

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