Industry News - 15th December 2021
The UK government marked the inaugural Tax Administration and Maintenance (TAM) Day with the publication of 30 papers covering a wide range of tax issues.
Chancellor Rishi Sunak made the commitment to have a TAM Day in the Autumn Budget. The aim was for a dedicated day for the administration and maintenance of the UK tax system. The 30 publications released by the government on TAM Day (30 November) include Calls for Evidence, Draft Regulations, Policy Papers and Corporate Reports.
The government has set out further detail on the conclusions to its review of business rates, including more frequent revaluations, improvement relief, exemptions for green technology, and administrative reforms.
A report on Research and Development (R&D) tax reliefs was published, providing further details on announcements made at the Budget which included refocusing relief in the UK; targeting abuse; and supporting innovation by expanding qualifying expenditure to capture cloud and data costs.
Additionally, an update on reforms to Small Brewers’ Relief was published, which will see the government invest around £15 million of additional funding into the craft brewing sector.
Jim Harra, HMRC’s First Permanent Secretary and Chief Executive, said:
‘As we continue our work to improve the tax system for UK taxpayers and clamp down on avoidance and evasion, we know that an open dialogue with our stakeholders is vital.
‘With thanks to the tax profession for their views, we can now announce the next steps for how we will simplify the legislative framework and raise standards in the tax advice market. We are also announcing new areas on which we are inviting views, including reforming Income Tax Self-Assessment registration for the self-employed.’