With covid-19 dominating the stage for 2020, there has been little time for the UK government to tackle anticipated reforms to the taxation of the wealthy, resulting in a year of relative stability for the private client tax world. The transparency drive has continued to be a focus, with an extension of the registration requirements under the trust registration service, preparation for DAC 6 reporting obligations, and increasing use of ‘nudge letters’ by HMRC. This year’s Finance Act made an important change to taxation of excluded property trusts, and consultations on capital taxes that tell of things to come.
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With covid-19 dominating the stage for 2020, there has been little time for the UK government to tackle anticipated reforms to the taxation of the wealthy, resulting in a year of relative stability for the private client tax world. The transparency drive has continued to be a focus, with an extension of the registration requirements under the trust registration service, preparation for DAC 6 reporting obligations, and increasing use of ‘nudge letters’ by HMRC. This year’s Finance Act made an important change to taxation of excluded property trusts, and consultations on capital taxes that tell of things to come.
If you are not a subscriber, subscribe now to read this content.
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