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Markel Tax

13 Mar 2018

Cash and digital payments

At the Spring Statement, the Chancellor announced a call for evidence on the role of cash and digital payments in the new economy. The digital economy has revolutionised the way people shop, sell, etc. with less than 50% of all payments now undertaken in cash.

The government would like a better understanding on how the transition from cash to digital payments impacts on different sectors, regions and demographics. They would like to ensure that the ability to pay by cash is available for those who need it, whilst cracking down on the minority who use cash to evade tax and launder money.

The consultation closes on 5 June 2018 and will seek both domestic and international evidence of what the government can do in this area.

Tagged Spring Statement
Next article in series

13 Mar 2018

Corporate tax and the digital economy: position paper

The speed and scale of the changes caused by digitalisation have had implications for the UK tax system especially in respect of corporation tax, where the development of certain business models has challenged the understanding of how and where companies create value and ultimately how that value is taxed.

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