Matt Rowbotham🌈

Tax partner @lewissilkin, CIOT member, dabbling artist, running/swimming enthusiast, occasional quizzer. All views my own, not @lewissilkin

[Matt Rowbotham🌈 @Matt_tax]

An OOTLAR an OOTLAR my kingdom for an OOTLAR

[Matt Rowbotham🌈 @Matt_tax]

@Samfr Also a great name for a cat

[Matt Rowbotham🌈 @Matt_tax]

Fish gotta swim, birds gotta fly, I'm gonna blog about Budgets til I die

https://t.co/j6bHgcnjuI

[Matt Rowbotham🌈 @Matt_tax]

Relax everyone, there's an OOTLAR

[UK Tax Calculators @uktaxcalculator]

@Matt_tax Found it.. https://t.co/iHukzZYA1u

[UK Tax Calculators @uktaxcalculator]

@Matt_tax Found it.. https://t.co/iHukzZYA1u

[Matt Rowbotham🌈 @Matt_tax]

But seriously folks, is there an OOTLAR?

[Matt Rowbotham🌈 @Matt_tax]

If you google to try and find the OOTLAR for #Budget2024 then AI helpfully invents a government department for you. Thanks AI!

[Paul Johnson @PJTheEconomist]

For goodness sake. Despite big tax rises overall chancellor has done it again. Fuel duty frozen and "temporary" 5p cut kept. This government is supposed to care about climate change. And I'm willing to bet fiscal numbers assume increases into the future. How much longer?

[Matt Rowbotham🌈 @Matt_tax]

@JudithFreedman @RowanMMcDade @FT My take is more cynical - everyone loves talking about the Budget at the moment, so any excuse is leapt upon. I absolutely expect a big spike in CGT receipts relating to disposals in first half of 2024/25. This is not good evidence of that.

[Matt Rowbotham🌈 @Matt_tax]

@JudithFreedman @RowanMMcDade @FT The headline is not quite 'burglaries rise following increase in ice cream sales' but it's not far off in my view😃

[Matt Rowbotham🌈 @Matt_tax]

@JudithFreedman @RowanMMcDade @FT I've read the article now - just seems to be drawing an unnecessarily straight line between CGT receipts for last year and the budget. I'm sure there will be some people who accelerated disposals to last tax year in anticipation of a change of government / law but not loads

[Matt Rowbotham🌈 @Matt_tax]

@JudithFreedman @RowanMMcDade @FT Unless this all just relates to 2023/24 disposals in which case the connection to the budget might be less direct

[Matt Rowbotham🌈 @Matt_tax]

@JudithFreedman @RowanMMcDade @FT Oh for sure - I work in M&A, believe me I know! - but like Rowan I'm trying to work out how that shows up in mid-year receipts. Resi property was the only area I could think of where the payment deadlines are in-year

[Matt Rowbotham🌈 @Matt_tax]

@RowanMMcDade @JudithFreedman @FT UK resi sales? Seems like maybe it's a big landlord / investment property sell off

[Matt Rowbotham🌈 @Matt_tax]

@DanNeidle Isn't it both in the case of start-ups, and even a lot of more mature founder-owned businesses? They forego anything like a market salary in order to reinvest any early profit and maximise growth. They may put in very little cash but they also take risk with salary foregone

[Matt Rowbotham🌈 @Matt_tax]

@Mark_LawPanel @DanNeidle They're back in Dodge...

[Matt Rowbotham🌈 @Matt_tax]

@Mark_LawPanel @DanNeidle I've just looked at the main article and Dan goes into a bit more detail - basically it's complicated! Some B2B services you don't have to register and it flips to an obligation of the business customer. But not for 'electronically supplied services'. So Dan's probably right

[Matt Rowbotham🌈 @Matt_tax]

@Mark_LawPanel @DanNeidle ...which might feasibly get them out of Dodge on this front. There's an evidential barrier but it wouldn't be as straightforward a line of attack as the more obvious 'scam' aspect of it all

[Matt Rowbotham🌈 @Matt_tax]

@Mark_LawPanel @DanNeidle There's a zero threshold for foreign businesses selling B2C into the UK - but they might try and squeeze it within the reverse charge rules for B2B

[Matt Rowbotham🌈 @Matt_tax]

FINALLY, someone's saying the hard truths

[Dan Neidle @DanNeidle]

@NLawGlobal In other words: not enough tax lawyers.