Tax Day is an approach to introducing proposed tax changes with a series of consultation papers issued to ‘test the water’ and get feedback.
Tax Day originated in the USA and has now been adopted by the UK Treasury. 23 March 2021 was the UK’s first Tax Day with 30 consultation papers added.
This year’s Budget was a bland one with very little to talk about but was made up with the Tax Day consultations giving us plenty to think about what the future holds for UK taxation. There were consultation papers published about pensions tax anomalies, tax treatment of large company pension superfunds, capital gains tax, inheritance tax and trust taxation (as expected) but this week we will focus on the consultation papers that may be somewhat overlooked.