The chancellor’s change to the taxation of trusts is ‘the most inefficient
tax change in history,’ according to the Chartered Institute of Taxation.
The move will cost a million families about £250 to change their wills,
according to the institute.
Anne Redston, chair of personal taxes at the Chartered Institute of Taxation,
said: ‘This is arguably the least efficient tax in history. It costs 2 pence to
collect £1 of capital gains tax, 1.34 pence to collect £1 of income tax, and
only a halfpenny to collect £1 of national insurance contributions. But this new
tax, which raises £15m a year, will cost ordinary families £250m.’
The changes, introduced in the Budget, have caused a huge row that will still
not go away.
Despite the announcement of details in the Finance Bill that were billed as a
partial u-turn, there is still widespread anger in the profession and a
perception that problems have not been resolved.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy