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18 March 2019
The Chancellor had very little to say about tax matters in his Spring Statement to the House of Commons but, as ever, the devil is in the detail. Closer examination of his Written Ministerial Statement reveals a collection of future consultations to be issued by HMRC and HM Treasury in the coming months.
These include the following:
The Government also published a policy paper, No Safe Havens 2019 , setting out the direction for HMRC’s updated strategy for offshore tax compliance. The intention is to move away from concentrating specifically on tax evasion and looking across the whole spectrum of non-compliance behaviour through:
In addition, the Government announced that Making Tax Digital (MTD) (due to be introduced from 1 April 2019 for VAT matters) will not be extended to other taxes until 2021 at the earliest. It had already confirmed a one-year soft landing period for filing and record-keeping penalties where a business has done its best to comply with MTD.
Finally, the Government published draft legislation in respect of the Structures and Buildings Allowance (SBA) announced in Budget 2018. This provides relief for qualifying expenditure on new commercial buildings and structures at a flat rate of 2% p.a. The legislation now provides for: