ICAEW's Tax Faculty provides a summary of the announcements on tax and related matters in the 2021 Budget on 3 March, covering: business tax, COVID support, duties, employment taxes, environment taxes, international taxes, MTD, personal tax, property tax, tax compliance and VAT.

With the end of the pandemic hopefully near, the Chancellor clearly set out the fiscal damage to the UK economy and that the road to recovery will be a long one. Frank Haskew, Head of the Tax Faculty, shares his thoughts on a Budget that aims to rebuild the economy.

The Chancellor has announced a range of measures designed to stimulate business investment, including reliefs for losses and a super deduction for qualifying capital expenditure but also confirmed corporation tax rates will increase for many companies.

On 3 March 2021, the Chancellor extended coronavirus support measures, confirmed changes to corporation tax rates and the freeze of personal allowances, and outlined a series of measures aimed at supporting the rebuilding of the economy post-COVID. On 23 March HM Treasury released more than 30 announcements and documents on tax. Read ICAEW's analysis.

Draft legislation and guidance implementing the government’s plans for large businesses to report uncertain tax positions will introduce additional complexity and not provide the clarity taxpayers need, according to ICAEW’s Tax Faculty.

HMRC has provided new guidance on the payment of Corporation Tax for unincorporated associations and clubs, funded pension schemes and IP appointments.

Tony Jenkins outlines some recent tax cases worthy of attention.

On 19 January 2020, ICAEW's Tax Faculty is hosting a webinar on DAC 6. Jo Myers from EY UK's international tax and transaction services team and Ariana Kosyan, from EY's emerging technologies team, will join the Faculty in discussing how the recently announced changes will affect businesses.

4 January 2021: HMRC has confirmed that the UK will no longer be applying DAC 6 in its entirety following conclusion of the Free Trade Agreement with the EU. Only arrangements that would have fallen within Category D of DAC 6 will now need to be reported, in line with the OECD’s mandatory disclosure rules.

ICAEW’s Tax Faculty explains why all ICAEW members need to be alert to their potential reporting obligations. Highlighting common misconceptions and answering frequently asked questions about the regime.

Legislation enacting the health and social care levy is set to to be voted through by MPs just seven days after the new tax was announced.

National insurance contributions and dividend tax rates will increase by 1.25 percentage points across the UK from April 2022, with the projected £12bn annual income to be ringfenced to pay for health and social care.

The triple lock has helped the state pension grow faster than inflation or earnings over the last decade, but will the Chancellor break it for next year’s pension increase?

Draft legislation, consultation updates and promises of future tax measures were made on 20 July. The focus for many will be on basis period reform, but ICAEW’s Tax Faculty highlights the other key announcements.

Highlights from the broader tax news week ending 8 September, which includes: date confirmed for Autumn Budget; Scottish Government consults on tax policy; Eclipse Film Partnership members given six months to settle; FTT needs more resource to tackle delays; MTD regulations laid before parliament; new member for OECD BEPS framework and CTF reminder for teenagers.

Pushing through proposals to change basis periods ahead of the expansion of Making Tax Digital will cause as many problems as it solves and would be a backwards step for affected businesses, warns ICAEW.

ICAEW has joined other finance and tax professional bodies in warning the Financial Secretary of the Treasury that the proposed timetable for reforming basis periods will place “enormous pressure” on business, advisers and HMRC, and risks undermining trust in the UK tax system.

HMRC figures released for the pre-pandemic period of 2019/20 show a £2bn increase in the estimated tax gap, largely attributable to an increase in the VAT gap. ICAEW’s Tax Faculty analyses the key data.

Highlights from the broader tax news week ending 15 September, which includes: applications open for three deputy judges for the UTT; income tax exemptions for players and officials at Euro 2020 and UEFA Super Cup matches in the UK; HMRC combines group VAT registration forms VAT50 and VAT51; and the UK and Switzerland agree deal on social security payments.

National insurance contributions and dividend tax rates will increase by 1.25 percentage points across the UK from April 2022, with the projected £12bn annual income to be ringfenced to pay for health and social care.

28 July: Fewer trusts will be within the scope of the expansion of the Trust Registration Service (TRS) than originally proposed, but the 30-day deadline for new trust registrations and rules granting third-party access to data remain unchanged.

In March 2018, CCAB (The Consultative Committee of Accounting Bodies) published Anti-Money Laundering Guidance for the Accountancy Sector. It is aimed at all entities providing audit, accountancy, tax advisory, insolvency or related services such as trust and company services, by way of business.

Professional Conduct in Relation to Taxation (PCRT) has been updated making it easier to navigate with a new digital structure. This edition is effective from 1 March 2019.

Waverley Borough Council talks us through its funding challenges, service delivery achievements and the seemingly impenetrable nature of local authority accounts.

Find out the main differences between Land Transaction Tax (LTT) and Stamp Duty Land Tax (SDLT).

Find out if you can claim relief from Stamp Duty Land Tax when buying land or buildings in a Freeport tax site.

Highlights from the broader tax news week ending 14 July, which includes: confirmation on L-Day as 20 July, HMRC guidance on claiming SDLT relief in freeport tax sites and HMRC writes to businesses to help them prepare for customs changes from January 2022.

Find out the main differences between Land Transaction Tax (LTT) and Stamp Duty Land Tax (SDLT).

Find out if you can claim relief from Stamp Duty Land Tax when buying land or buildings in a Freeport tax site.

Highlights from the broader tax news week ending 14 July, which includes: confirmation on L-Day as 20 July, HMRC guidance on claiming SDLT relief in freeport tax sites and HMRC writes to businesses to help them prepare for customs changes from January 2022.

HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.

In this year's Hardman Lecture, former ICAEW President Paul Aplin will explore the opportunities and threats technology presents to the tax profession: what familiar tasks will disappear or change?

HMRC figures released for the pre-pandemic period of 2019/20 show a £2bn increase in the estimated tax gap, largely attributable to an increase in the VAT gap. ICAEW’s Tax Faculty analyses the key data.

Draft legislation aimed at tackling promoters of tax avoidance schemes includes subjective terms and tests which are open to interpretation, says ICAEW. The terms should be amended or HMRC guidance created outlining its interpretation to avoid confusion.

Taxing business properties form an important part of the tax base for many countries, but they are often complex and in an increasingly online world can be irrelevant to an organisation’s turnover. The time has come to overhaul business property tax systems and here ICAEW outlines the options.

Is hypothecation - assigning particular tax revenues to a specific public policy goal - a good thing? Read Ian Young's article presenting the facts and then decide.

Anita Monteith of ICAEW’s Tax Faculty explains how to account for trades in the sharing economy, specifically how tax and national insurance work in the gig economy

Highlights from the broader tax news week ending 15 September, which includes: applications open for three deputy judges for the UTT; income tax exemptions for players and officials at Euro 2020 and UEFA Super Cup matches in the UK; HMRC combines group VAT registration forms VAT50 and VAT51; and the UK and Switzerland agree deal on social security payments.

Following an initial issue with access to and accuracy of import VAT statements in January and February 2021, HMRC has identified a problem for those using simplified declarations for imports.

Guidance on how to charge and account for VAT on the movement of goods between Northern Ireland and EU member states. It cancels and replaces the previous VAT Notice from December 2020.