HMRC have published a response to their 2018 consultation ‘The Taxation of Trusts: a review’ which considered if the system for taxing trusts meets the principles of transparency, fairness, neutrality, and simplicity. The conclusion is that no comprehensive reform is currently required.

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The government published more than 30 tax updates, consultations and other documents this week. These are in addition to the announcements made earlier this month in Budget 2021. As the new documents cover a diverse range of topics, we have picked out some of the highlights and will continue reviewing the other proposals in the coming weeks.

In a recent agent webinar HMRC advised that they will soon be issuing determinations of Income Tax and NICs to taxpayers affected by the loan charge who have failed to include the charge on a 2018/19 Self Assessment return.

HMRC have published a Call for Evidence entitled ‘The tax administration framework:  Supporting a 21st-century tax system’. It seeks views on how the framework might be reformed.

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We have a blend of old and new for you this time as we look at last-minute tax planning for the end of another tax year and topical tax tips for the start of the new one.