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TAXline News: August 2020

Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during August 2020.

The past month has once again seen an unprecedented amount of activity arising as a result of the COVID-19 pandemic.Most of this activity was concerned with the revised version of the Job Retention Scheme (the JRS 2), where we have been involved in further discussions with HMRC to help ensure a smooth implementation. I would again like to thank Anita Monteith and Caroline Miskin along with Tax Faculty Committee
members Steve Wade of EY and Kate Upcraft for their continued support.

In advance of the Chancellor’s further statement on 8 July 2020, we wrote to the Financial Secretary to the Treasury, Jesse Norman, to set out some key priorities that the Chancellor should consider. These included the need for a review of how work is taxed and the VAT system, as well as various short-term measures to help deal with the COVID-19 crisis. On the day, the Chancellor focused on the need to retain jobs over the remainder of the year, with any changes to the structure of the tax system to be announced in an Autumn Budget.