The government’s consultation on a potential new tax, Residential Property Developers Tax (RPDT) closed last month. RPDT if enacted, will tax profits made from residential property developments from April 2022.
On 21 July the government published its 10 year strategy for the tax system. This included its plans to extend the Making Tax Digital initiative.
Amendments to the Finance Bill include treating coronavirus payments as taxable income, not disadvantaging those who came out of retirement or usually work abroad to help in the pandemic, treating Covid-19 as an exceptional circumstance for higher rate SDLT reclaims and encouraging Future Fund investors.