A new measure that will provide HMRC with additional civil information powers is expected to take effect when the Finance Bill 2020-21 receives Royal Assent. The new measure known as a Financial Institution Notice (FIN) will be used to require financial institutions to provide information to HMRC, when requested, about a specific taxpayer and without the need for approval from either the taxpayer or the independent tribunal that considers tax matters. These provisions will take the form of an amendment to HMRC current powers under schedule 36 of the Finance Act 2008.
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It is estimated that by the end of this year the global pandemic will have cost the government over £300 billion, leaving a significant hole in the Westminster purse. It is to be expected therefore that the hole will need a plug of some sort and it is likely that this will be in the form of changes to the country's tax legislation.
Should the government extend the death in active service inheritance tax exemption to include key workers who die from coronavirus (COVID-19) contracted during their work?
HMRC have recently provided an update to working from home allowances and reliefs. A temporary tax and National Insurance exemption will be introduced to ensure that any employees who have had to purchase home office equipment as a result of the current pandemic will not be liable to tax or NICs when reimbursed by their employers.
HM Revenue and Customs have in the last few days issued further guidance on self assessment payment deferrals.