"Tax Day" 2021 - BRIEFING
Published on14 April 2021
In mid-February the Treasury announced that “To allow for more transparency and scrutiny, documents and consultations that would traditionally be published at a Budget will be published on 23 March”. It was far from clear what would, or would not, emerge just 20 days after Rishi Sunak’s first Budget of 2021. A letter from the Financial Secretary, Jesse Norman, to the Treasury Select Committee promising “… a number of consultations, most of which will be published on the same day” was similarly vague.
Nevertheless, 23 March became labelled “Tax Day” and the focus on its contents intensified when the Chancellor avoided Budget comment on, for example, the future of inheritance tax and capital gains tax. Both had been the subject of detailed reports from the Office of Tax Simplification (OTS), one of which had been commissioned by Mr Sunak.
In the event, the day was marked by publication of over 30 documents, ranging from new consultations and discussion documents to interim reports, calls for evidence and summaries of responses. Despite the quantity, there were some surprising absentees from the list of topics, including tax relief on pension contributions, which had been the subject of an earlier call for evidence.
We have summarised some of the key areas for personal and capital taxes. Click here to read the full briefing.