Edward Reed and Pippa Goodfellow (Macfarlanes) provide this month’s review of private client developments that matter.
Reduced 2020/21 tax take overall but increase in IHT
HMRC has released data regarding its tax receipts for the (recently concluded) 2020/2021 tax year. HMRC’s total receipts for the 2020/21 tax year were £584.3bn a fall of £49.1bn from the previous year.
The detractors were VAT (down £28.8bn) corporation tax (down £11.4bn) hydrocarbon oils (down £6.7bn) stamp taxes (down £2.9bn) and air passenger duty (down £3.1bn).
These falls were largely attributable to the pandemic. A couple of particular points to highlight are:
The reduction in VAT take is attributed to the payment deferral policy and the temporary reduced rate of 5% for hospitality holiday accommodation and attractions both introduced as a result of the pandemic.
The fall in receipts for stamp taxes is largely attributed to...
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Edward Reed and Pippa Goodfellow (Macfarlanes) provide this month’s review of private client developments that matter.
Reduced 2020/21 tax take overall but increase in IHT
HMRC has released data regarding its tax receipts for the (recently concluded) 2020/2021 tax year. HMRC’s total receipts for the 2020/21 tax year were £584.3bn a fall of £49.1bn from the previous year.
The detractors were VAT (down £28.8bn) corporation tax (down £11.4bn) hydrocarbon oils (down £6.7bn) stamp taxes (down £2.9bn) and air passenger duty (down £3.1bn).
These falls were largely attributable to the pandemic. A couple of particular points to highlight are:
The reduction in VAT take is attributed to the payment deferral policy and the temporary reduced rate of 5% for hospitality holiday accommodation and attractions both introduced as a result of the pandemic.
The fall in receipts for stamp taxes is largely attributed to...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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