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Wealth gap widening as result of coronavirus pandemic, research suggests November 23, 2020

Research carried out by think tank the Centre for Enterprise, Markets and Ethics (CEME) has suggested that the UK’s wealth gap is widening as a result of the ongoing coronavirus (COVID-19) pandemic. Around a third of individuals now have less than £1,500 in savings, the CEME found. In the three months to September, 314,000 workers
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Current CGT regime ‘fit for purpose’, says ICAEW November 23, 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) has stated that there is ‘no need’ to overhaul the current capital gains tax (CGT) regime. In its response to a review of CGT carried out by the Office of Tax Simplification (OTS), the ICAEW concluded that ‘the scope and boundary of CGT is generally
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HMRC confirms MTD for corporation tax to be mandated from 2026 November 23, 2020

In a new consultation HMRC has confirmed that Making Tax Digital (MTD) for corporation tax (CT) (MTD for CT) will not be implemented until 2026 ‘at the earliest’. The consultation considers how the principles created for MTD could be established for companies within the charge to CT. It outlines the potential design of the MTD
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PAC finds over £1 billion worth of fraudulent Bounce Back loan applications November 11, 2020

The Public Accounts Committee (PAC) identified more than £1 billion worth of fraud in the government’s coronavirus (COVID-19) Bounce Back Loan Scheme (BBLS) during the first six months of the scheme being in operation. In a letter to the PAC, which has been looking at the operation of the BBLS, Catherine Lewis La Torre, CEO
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FCA proposes further support for consumer credit borrowers impacted by COVID-19 November 11, 2020

The Financial Conduct Authority (FCA) is proposing further support for borrowers affected by the coronavirus (COVID-19). The UK’s financial regulator announced tailored measures for borrowers in September and said it would keep them under review as the situation evolved. It made further proposals following the announcement of a second national lockdown for England. The FCA
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