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Sunak might copy Biden s capital gains raid – but it won t solve his problem

Sunak might copy Biden s capital gains raid – but it won t solve his problem Some Americans will be paying tax rates of more than 50pc, the highest since the 1920s 29 April 2021 • 10:00am Where American goes, the world follows. Does this mean President Joe Biden’s plans to raise income and capital taxes to pay for the pandemic will be replicated on this side of the pond? The President arguably has less of a battle on his hands than Boris Johnson and Rishi Sunak would. For starters, Mr Biden has not bound himself with an election “triple lock” promise not to raise income tax, National Insurance and VAT. Those three levers out of bounds leave only corporation tax with the heft to raise serious amounts of cash, which the Chancellor duly did at the last Budget.

New yorkUnited statesUnited kingdomLos angelesBlick rothenbergDaniel hydeJoe bidenBoris johnsonOffice for tax simplificationNational insuranceWhere americanPresident joe bidenRishi sunakபுதியது யார்க்ஒன்றுபட்டது மாநிலங்களில்ஒன்றுபட்டது கிஂக்டம்

A glance across the Atlantic would show Sunak what real tax reform looks like

A glance across the Atlantic would show Sunak what real tax reform looks like Joe Biden is about to shake up US taxation policy. The UK must hope that the chancellor feels a need to emulate him Joe Biden proposes to almost double the rate of tax on investment gains. Photograph: Getty Images Joe Biden proposes to almost double the rate of tax on investment gains. Photograph: Getty Images Sun 25 Apr 2021 02.00 EDT The differences couldn’t be more stark. Promises to “build back better” from Covid-19 have been made on both sides of the Atlantic. But as lockdown measures are steadily relaxed, President Joe Biden is showing far greater ambition than Boris Johnson’s government when it comes to shaping the post-pandemic recovery.

United statesUnited kingdomCity ofReed hastingsJoe bidenBoris johnsonOffice for tax simplificationPresident joe bidenRishi sunakTax simplificationஒன்றுபட்டது மாநிலங்களில்ஒன்றுபட்டது கிஂக்டம்நகரம் ஆஃப்நாணல் அவசரம்ஓஹோ பிடென்போரிஸ் ஜான்சன்

Tax news in brief

Highlights from the broader tax news week ending 21 April, which includes an update from the Office for Tax Simplification on how HMRC is meeting its 2018 recommendations on guidance for taxpayers, as well as the latest editions of HMRC s Agent Update and Employer Bulletin. HMRC makes ‘clear progress’ on guidance for taxpayers The Office for Tax Simplification (OTS) has published a paper examining how HMRC is performing against 12 OTS recommendations to improve guidance for taxpayers published in 2018. In the new paper, the OTS acknowledges that HMRC has made “clear progress in implementing the new guidance model” that the OTS envisaged in 2018. It confirms that HMRC has committed significant resources to its guidance team and is making extensive use of external feedback to improve guidance. It concludes by looking to HMRC’s future plans and encourages the allocation of further resources. Read the report in full.

Brexit support fundRegistration serviceOffice for tax simplificationTax simplificationSupport fundConstruction industry schemeTrust registration serviceMaking taxபதிவு சேவைஅலுவலகம் க்கு வரி எளிமைப்படுத்தல்வரி எளிமைப்படுத்தல்ஆதரவு நிதிகட்டுமானம் தொழில் திட்டம்நம்பிக்கை பதிவு சேவைதயாரித்தல் வரி

Industry brandishes tax consultation day a damp squib

Industry brandishes tax consultation day a “damp squib” Industry brandishes tax consultation day a “damp squib” Tax leaders criticise the much-anticipated consultation day following delays at the treasury Author Categories The treasury’s anticipated tax policy and consultation day was a series of lost opportunities, according to senior tax officials. Last Tuesday, the government published 30 tax updates, consultations and policies following its announcement in February it would postpone the release of the publications that are traditionally shared on Budget day. “We lost an opportunity on the consultation day to set out the roadmap and the rationale behind where the future tax regime is going,” says Chris Sanger, head of tax policy at EY. “They’ve done that on the administration side, and they should be doing the same on the policy side.

United kingdomAmanda tickelMarissa thomasStephen martinChris sangerLee hollowayOffice for tax simplificationNational insuranceTax dayTax simplificationIncome taxGrant thornton united kingdomஒன்றுபட்டது கிஂக்டம்அமண்டா டிக்கல்மரிசா தாமஸ்ஸ்டீபன் மார்டின்

PayProp: Letting industry waiting for CGT changes

PayProp: Letting industry waiting for CGT changes
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Neil cobboldOffice for tax simplificationCapital gains taxTax simplificationAnnual exempt amountஅலுவலகம் க்கு வரி எளிமைப்படுத்தல்மூலதனம் ஆதாயங்கள் வரிவரி எளிமைப்படுத்தல்ஆண்டு விலக்கு தொகை