Business News

HMRC has called for a freeze on gift tax rules for all industries, including politicians

HMRC should apply standardized gift tax rules to ensure they apply equally to all taxpayers, including politicians, according to tax and advisory firm Blick Rothenberg.

Robert Salter, Director of the company, called for more clarity and consistency in the gift tax, noting that while media personalities and social activists are taxed on gifts, politicians often receive tax-free gifts.

Salter pointed out that gifts given to politicians, sometimes work-related, are not considered taxable income by HMRC, despite similar gifts being taxed in other sectors. He stressed that although the current rules are complex, neither donors nor recipients are breaking any rules if gifts are not declared as taxable income.

Salter argues that applying consistent rules across industries would simplify the current system, which requires a case-by-case analysis. He proposed that HMRC should introduce clear, standardized rules, while also considering a reasonable de minimis threshold (eg gifts of more than £1,000 in a tax year) to prevent small gifts from giving rise to tax liabilities.


Jamie Young

Jamie is a seasoned business journalist and Senior Business Correspondent, bringing over a decade of experience in UK SME business reporting. Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops to stay on top of emerging trends. When not reporting on the latest business developments, Jamie is passionate about mentoring journalists and budding entrepreneurs, sharing their wealth of knowledge to inspire the next generation of business leaders.




Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button