Insights

The UK prepares for its first ‘Tax Day’

Tuesday 23 March sees the first ever 'Tax Day' in the UK

The purpose of Tax Day, according to the Treasury, is to separately present the Governments forward looking tax policy considerations and consultations away from the manic frenzy of Budget day, so that these matters get the attention that they deserve.  Given the significant challenges that the UK presently faces, there is every possibility that the scale of announcements could mean that Tax Day looks like Budget Day Part II.

We don’t know for sure what Tax Day is going to look like, or of course what announcements may be made.  However, we’ll be digging into the detail as soon as we can, and as always, simplifying the detail to summarise the areas of greatest concern to our clients and contacts.

Our top 5 predictions for things to look out for on Tax Day, or shortly afterwards are:

  • A conclusion to reviews of the Capital Gains Tax system, hopefully bringing clarity instead of uncertainty
  • Simplifications to the Inheritance Tax system
  • A ten year roadmap towards a truly digital tax system
  • Steps to move the self employed, and possibly owner managed businesses to be taxed more like employees
  • Changes to focus State Aid tax reliefs on businesses that have a greater UK focus
Follow us on Tuesday for our initial thoughts, and later in the week as we digest and explain the context of announcements that may affect you.