The Institute is seeking feedback from members on two formal consultations, and we are also considering writing to the Government in relation to the Spring Budget announcement that from 2024 agricultural property relief for Inheritance Tax will be restricted, and will only be available on UK farmland and farm buildings. We are particularly concerned of the impact this will have in Northern Ireland given our geographic proximity to the Republic of Ireland. Get in touch by Monday 10 July with your comments and observations on this, and the two formal consultations below.
The Tax Administration Framework Review: information and data – closes 20 July 2023
This seeks views on how HMRC's information and data-gathering powers could be updated to enable digitalisation of services, improve compliance and reduce administrative burdens. Section 6 of the consultation sets out the specific consultation questions.
The Tax Administration Framework Review: Creating innovative change through new legislative pilots – closes 20 July 2023
This seeks views on a proposed legislative approach to piloting. HMRC is exploring how it can develop and improve testing prior to wider roll out of change. Section 6 of the consultation sets out the suggested discussion areas.
Currently, testing of changes or collaboration with external stakeholders can be limited by legislative inflexibility. This explores the opportunities and challenges of a possible sandbox testing approach, and what safeguards might be necessary and proportionate.
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