Understanding the key announcements from the second Tax Day, and the impact on the UK tax landscape.
On 30 November, the newly introduced ‘Tax Day’ – as part of the government’s new approach to fiscal events, providing detailed updates and consultations on a separate day to Budget, allowing Parliament and wider stakeholders to better scrutinise tax policy – has brought much needed clarity to some of the key aspects announced in the Autumn Budget 2021.
This ‘Tax Day’ (formally Tax Administration and Maintenance Day) delivered on its main purpose: the government has published its summary to previous consultations, along with newer consultations for the policies announced at the Autumn Budget.
Key announcements:
Reforming R&D tax relief
The government published the responses to the R&D Tax Relief review, yet it seemed to be merely a summary of stakeholder input. The review lacked the usual commentary from government on next action steps: this is a marked difference from the usual response, and it confirms what we have heard – th
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