First reactions to the chancellor’s second speech of the year
HMRC will receive an extra three quarters of a million pounds to fund their ongoing fight against tax dodging, the chancellor announced this afternoon.
The move to combat non-compliance and criminal activity was welcomed by the Association of Revenue and Customs (ARC), which represents the taxman’s senior staff members. The union’s president, Tony Wallace, claimed the £750m injection “will yield a significant dividend for the country”.
The first wholly Conservative Budget in almost 19 years sparked largely optimistic reactions from tax experts today, with George Osborne’s plans described as “entirely sensible”, “pleasing”, and akin to the work of one of history’s greatest artists.
“The chancellor resembled Michelangelo as he re-sculpted the UK tax system, taxing dividends, proposing changes to pensions, adding a new tax on banks, cutting corporate tax rates, and restricting interest relief on buy-to-let investments,” said EY’s head of tax policy, Chris Sanger.
How to read tax information and impact notes
A record amount of inheritance tax (IHT) was paid into the public purse during April, new figures show.
HMRC received £379m in the same month in which the Conservative party said it would raise the IHT threshold to £1m for some taxpayers – a pledge that looks set to be fulfilled in this week’s Budget.
A guide to venture capital scheme changes
The new rules for expenses and benefits in kind
How will the government’s ‘one nation’ approach apply to tax?
Changes to tax breaks designed to promote investment in small and growing firms will deter investors from taking advantage, according to the Chartered Institute of Taxation (CIOT).
The professional body warned that new legislation creates greater complexity and denies relief to existing financiers that want to increase their investments.
The Commons debate of Finance (No 2) Bill 2015
The new penalties regime for offshore evasion