The pre-Budget report is bad news for accountants, who will find themselves
under tremendous strain following the chancellor’s announcements, said Smith
Changes to the capital gains tax regime will see advisers frantically looking
how to manage their clients’ affairs.
‘Some [advisers] would have given very recent advice on this, or are working
out details for a client or even waiting for a bill to be paid on CGT advice,’
said Smith & Williamson national tax director Richard Mannion.
He also said it would be difficult to work out the effect of the new IHT dual
rate band when there has been a substantial gap between the death of a husband
and wife, complicated further if the partner that died had relied on a
proportion of their nil rate band.
‘Where one partner has died in 1982 for example, to reconstruct the nil rate
band from then will be horrendous.’
While tax simplification brings about winners and losers, Mannion said that
it appeared there were more losers than winners in terms of the flat rate of
Darling’s announcement of three reviews into easing tax red tape ‘was not
earth-shattering’, added Mannion.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group