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TAXline News: November 2020
Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty.
We had hoped that the special measures introduced in March 2020 as a result of the COVID-19 crisis would now be starting to unwind. However, cases are on the rise and restrictions are tightening. On 24 September 2020, the Chancellor announced a new support scheme to replace the job retention scheme. In order to help members, we undertook some preliminary engagement with HMRC to try to resolve various questions about the new scheme. Although the Chancellor also announced that there would be no Autumn Budget this year, nevertheless, we expect a raft of new announcements at the time he gives his updated economic forecast later this year.
On 15 September 2020, Anita Monteith represented ICAEW at a virtual oral hearing of the Treasury Select Committee. Anita appeared alongside representatives from ICAS and CIOT and gave evidence on the opportunities to reform the current tax system following the impact of the coronavirus pandemic.