The UK Government accepted recommendations for the reporting and payment of CGT to be incorporated into the Single Customer Account, and the extension of the reporting and payment deadline for the UK property return from 30 days to 60 days.

In a letter to the Office of Tax Simplification’s chairwoman and director Kathryn Cearns and Bill Dodwell, published on November 30, the Treasury said it would accept recommendations to extend the ‘no gain – no loss’ window for asset transfers resulting from separation and divorce, with a consultation on proposals to take place next year.

It also agreed to expand rollover relief to cover re-investment in the form of enhancing land already owned.

The UK Government also accepted recommendations to improve HMRC HMRC guidance on the UK Property Return; Business Asset Disposal Relief (BADR) for farmers or others looking to retire; land assembly arrangements; and a number of other areas.

Despite recommendations about Inheritance Tax (IHT), the Treasury confirmed that “after careful consideration” the Government has decided not to proceed with any changes at the moment.

In her letter, Lucy Frazer, financial secretary to the Treasury, wrote: “As you rightly highlight in your first report, these reforms would involve a number of wider policy trade-offs and so careful thought must be given to the impact that they would have on taxpayers, as well as any additional administrative burden on HMRC.

“The government will continue to keep the tax system under constant review to ensure it is simple and efficient. Your report is a valuable contribution to that process.”

Jenny Healy, partner, Saffery Champness, and a member of the firm’s Landed Estates and Rural Business Group, commented on the announcement: “We’ve been awaiting this response for a long time. The OTS IHT review was commissioned in early 2018, with subsequent reports and recommendations from the OTS following in 2019.

“The no-change position on IHT will be a big relief for many. There was scope for significant reform, including to existing valuable reliefs such as business and agricultural property relief. But the Government has taken the view that for a tax that is expected to raise £6 billion in 2021-22, for now, there will be no change.”

Commenting on the measures implemented, she continued: “These measures seem proportionate. The Treasury could have opted for major change across the board. Instead we have some minor adjustments which, in theory, should make reporting and payment of CGT easier. Some will say that these are opportunities missed and the Treasury has not acted on the recommendations as it could have done, but, for many, this will be a relief.”