AAT Public Affairs & Public Policy activities: June 2022

Every month AAT summarises some of the key Public Affairs & Public Policy activities undertaken on behalf of our members.

Below you will find some key highlights for June 2022.

If you would like any further information about any of these issues, please contact Phil Hall, AAT Head of Public Affairs & Public Policy via twitter or via email.

Property taxes

On the same day that the Prime Minister set out his plans for a reform of the housing market (9 June 2022), opposition MPs and Peers received a briefing note setting out alternative AAT property reform recommendations including switching Stamp Duty liability; reducing Capital Gains Tax on property sales, tightening the second homes loophole and increasing rent a room tax relief. 

These recommendations were also summarised in an AAT Comment article on 21 June.

Making Tax Digital

Phil took a delegation of half a dozen AAT Licensed Accountants to meet the HMRC officials who are responsible for the implementation of its Making Tax Digital programme. From April 2024 over 4 million individuals and small businesses will be required to upload quarterly tax updates to HMRC. Whilst AAT and its members are broadly positive about the concept, we have some concerns about the speed and manner in which these changes are being implemented. The meeting was constructive for all parties and we will continue to engage with HMRC on the issue.

Separately, AAT and ACCA are jointly writing to HM Treasury Minister Lucy Frazer about the issue.

Tax and accountancy professional bodies

AAT again organised and hosted (online) the now bi-annual meeting of CIPFA, CIMA, ICAEW, ACCA, ICB, STEP, CIOT and ICAS to discuss a wide range of public policy issues and our respective responses. 

Inheritance Tax (IHT)

As the Prime Minister survived a “no confidence” vote (6 June 2022) and faced concerted calls from within his own party for tax cuts, later that day all Conservative MPs and Peers received details of AAT’s longstanding recommendation to halve the headline rate of Inheritance Tax from 40% to 20%.

Parliamentary engagement

Engagement with four Parliamentarians took place in June, relating to topics including ethics and property tax reform.

Non-parliamentary engagement

Phil engaged with more than 50 external individuals and organisations in June 2022 from Xero to Hero, from other tax and accountancy bodies to the Chartered Institute for Quality, FT and Telegraph journalists and a wide range of AAT members.

AAT consultations, calls for evidence & inquiry responses

There were no consultation responses in June 2022 but most of AAT’s submissions for the rest of 2022 are available on the AAT Policy page.

Other meetings, events and engagements

• Phil attended the CBI AGM and cast AAT’s vote in favour of the election of new CBI President Brian McBride,
• Phil attended the Institute for Government Summer Party,
• Phil represented AAT at the quarterly Companies House Stakeholder meeting group where reform or Companies House and the new register of beneficial owners were the main topics of conversation.
• Phil participated in the regular HMRC Virtual Communications Group (VCG).
• Adam Harper attended the regular Representative Bodies Steering Group (RBSG) with HMRC.

If you would like more information about any of the above, public affairs activities in general, previous copies of the monthly round-up or think Phil might be able to help your work in any way, please don't hesitate to get in touch.

Keep up to date with AAT's Public Affairs activities on Twitter at: @PhilHall2021.