With so much packed into today’s summer budget, it was more a case of ‘what wasn’t missing?’.
Patent Box Regime – Charges are required to make it compatible with the new approach agreed by the Forum on Harmful Tax Practices but no details disclosed yet.
National Insurance – Further announcements were expected to national insurance specifically Class 2 and Class 4 with Class 2 to be abolished.
HMRC Powers – HMRC were given legislative powers to recovery debts direct from debtors bank accounts. Following a consultation it was agreed that stronger safeguards were required to be in place but no news as yet.
Salary sacrifice arrangements – Allow some employees and employers to reduce the income tax and National Insurance that they pay on remuneration. They are becoming increasingly popular and the cost to the taxpayer is rising. The government will actively monitor the growth of these schemes and their effect on tax receipts..