Government to “reflect” on tax changes
HS2 minister Andrew Stephenson has said the Government is keen to “reflect” on the proposed changes to IR35 tax and reverse VAT charging, which are due to come into force next spring.
Speaking at a virtual AGM for trade body Build UK, he said: “In the past few months, particularly under the current chancellor, we have seen the Treasury being more flexible and more creative than possibly any of us remember previously.
“So the Treasury [is] keen to hear views from the industry, we’re keen to take all that on board and think about this and reflect.”
Construction minister Nadhim Zahawi, also present at the meeting, added: “[The chancellor] has responded to the construction industry.
“If we look at what he did on stamp duty and the holiday for six months, I think that’s made a huge difference to housebuilders.”
The final decision on the new tax rules and when they come into effect is ultimately down to Chancellor Rishi Sunak, who is currently preparing the Autumn budget.