Hello

There is quite a lot of news to report this week. The 2020 Finance Act is now law. The government has published a batch of new policy papers covering measures proposed for Finance Act 2021, as well as updating its guidance on Making Tax Digital (MTD).

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The Office of Tax Simplification (OTS) has launched a Capital Gains Tax (CGT) review and call for evidence. Perhaps the chancellor has his eye on reforms in this area ahead of an Autumn budget.

Following a request from the Chancellor, the Office of Tax Simplification (OTS) has launched ‘Capital Gains tax review - call for evidence’ plus an online survey. It wants to hear from taxpayers and their advisers about which areas of Capital Gains Tax are complex and hard to get right and suggestions for improvements.

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It seems that HMRC's chief executive Jim Harra has beaten me to it in his criticism of some of the Chancellor's new Summer Economic Update giveaways. We are in a time of extremes. On one hand there are people who have suffered virtually no negative financial effects due to lockdown, while on the other, there are people whose livelihoods have suffered so badly that they may not recover for many years. The burning question is how to target government aid and stimulute our shrunken economy.

Chancellor of the Exchequer, Rishi Sunak, made his Summer economic update on Wednesday 8 July 2020. We outline his new measures designed to assist in reviving jobs and the economy following the outbreak of the Coronavirus. With predictions that the world will suffer its worst-ever economic recession, the Chancellor anticipates that the UK's economy has shrunk by 25%.