Alistair Darling has sustained yet another round of heavy criticism for his
decision to scrap taper relief, with the ABI and Brewin Dolphin weighing in to
Stephen Haddrill, director general of the ABI, told the FT that the
decision to scrap the taper on capital games tax and introduce a flat 18% rate
will discourage saving and confuse consumers.
He said the changes would make investing through a unit trust more attractive
than saving through an insurance-based product from a CGT perspective. This
could cause ‘real damage’.
Brewin Dolphin, meanwhile, has said that the CGT change could hit the AIM
market as thousands of shareholders sell shares before the flat rate of 18% is
introduced in April. This could artificially cut share prices, Brewin Dolphin
told the Daily Telegraph.
Darling has been delaying on announcing his final CGT policy for months,
angering business lobby groups and advisers.
The FT reports that the chancellor is now considering one more round
of consultation with business over the proposed changes to the final CGT rules
before revealing the changes next week.
Other experts have suggested Darling may even go so far as to put the change
back a year to buy more time.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...