Game of Thrones effect springs into action?
As expected the Spring Statement last month had little immediate tax impact, but there were a number of tax consultations, calls for evidence and policy papers published. Opening a consultation into the impact of taxes on tourism in Northern Ireland, it seems the Chancellor now recognises the importance of tourism in the region – the Game of Thrones effect. The Mother of Dragons will be pleased.
The following tax related documents were also published as part of the Spring Statement announcements:-
- Consultation on the Business Risk Review – consultation outcome
- Draft legislation: The Value Added Tax (Amendment) Regulations 2018 – consultation outcome
- VAT, Air Passenger Duty and Tourism in Northern Ireland – new consultation
- Corporate tax and the digital economy: position paper – updated
The Government published an updated Treasury policy paper on options for reforming the corporate tax regime to address the challenges of the digital economy. It is clear that the UK is considering “going it alone” if there are delays in reaching international agreement on ways to address the way digital businesses are taxed.
- Allowing Entrepreneurs’ Relief on gains made before dilution – new consultation
- VAT registration threshold: call for evidence
- Tax treatment of heated tobacco products – consultation outcome
- Extension of security deposit legislation – new consultation
- Online platforms’ role in ensuring tax compliance by their users – new consultation
- Alternative method of VAT collection – split payment – new consultation
The government has also published a new consultation tracker, to show the status of current and closed policy consultations through their lifecycle.