Following the Chancellor's budget earlier in the month, 23 March was dubbed 'Tax Day' - the day when a range of government consultations on the future of tax in the UK would be published and would provide practitioners and interested parties an opportunity to comment on proposals and to see what might be likely forthcoming changes.

I'd rather anticipated that some of my thoughts (or, probably more accurately, concerns!) about possible tax changes that were not announced in the Budget might arise here - but all quiet so far, which is rather a relief - if somewhat unsettling in equal measure when constant change feels like it is the new normal!

The announcements do note proposed administrative changes - with proposals to simplify inheritance tax reporting, meaning that many non-taxable estates should not have to file any form of inheritance tax return, and providing for simplified filing for taxable estates which will move us ever closer to a more online system.

There are no proposed changes to capital gains tax either - so aside from inheritance tax nil rate band and capital gains tax, annual allowances remain at their current levels of £325,000 and £12,300 respectively until tax year 2025/26. Whilst over time, the fact that these rates will not increase with inflation will pull more estates and people into paying tax, the certainty provided is at least helpful and provides a framework for tax management and appropriate planning and mitigation. 

I was also pleased to note that previous government consultations about taxation of trusts have led to the conclusion that no changes should be made at the present time - phrasing this as 'no appetite from respondents for change' was however a little bit more open about responses received that I had expected!

In short, it's business as usual' with certainty for the time being, at least for private clients and private client practitioners in relation to the main capital taxes. And certainty in these uncertain and challenging times is most welcome by me!