Our website uses cookies to store information on your computer. You may delete and block all cookies from this site, but parts of the site will not work as a result. Find out more about how we use cookies.
(Do not show this message again)
Shout99 - News matters for freelancers FO35 Advert
Search Shout99 - News matters for freelancers
(Advanced Search)
   Join Shout99  About Shout99   Sitemap   Contact Shout99 26th Apr 2017
Forgot your password?
Shout99 - Freelancers, FO35, Section 660
New Users Click Here
Shout99 - Freelancers, FO35, Section 660
Shout99 - Freelancers, FO35, Section 660
Front Page
News...
Freelancers' Shop...
Ask an Expert...
Letters
Direct Contracts
Press Links
Question Time
The Clubhouse
Conference Hall...
News from Partners
Accountants

Login
Sitemap

Business Links

Shout99 - Freelancers, FO35, Section 660

Freelancers' Shop

Personal Financial Services
from ContractorFinancials

Mortgages

Pensions

ISAs

Income protection

... and more special offers for Shout99 readers in the Freelancers' Shop

Shout99 - Freelancers, FO35, Section 660
  
Shout99 - Freelancers, FO35, Section 660

News for the
Construction Industry

Hardhatter.com - News for small businesses in the construction industry

Powered by
Powered by Novacaster
Advertisement
Shout99 Jobs

CIOT warns of dangers of rushing through Finance Bill
by Susie Hughes at 15:27 19/04/17 (Political News)
The Chartered Institute of Taxation (CIOT) has written to Chancellor Philip Hammond urging him not to rush through a large number of tax changes without any real Parliamentary scrutiny.
Following the announcement of a snap election on June 8 the timetable for Finance Bill 2017 will inevitably be truncated. Rather than the expected two days of House of Commons debate and 14-20 standing committee sessions, plus two days of Report stage and third reading debate, precedent suggests that the Committee and Report stages will be compressed into a single day.

At 762 pages the current Finance Bill is the longest on record.

The CIOT is urging the Government to drop the majority of the current Bill and keep only those measures essential to maintain the Government’s revenue raising capacity, such as renewing the provision of income tax, and other measures which are required urgently, such as anti-avoidance provisions. Measures dropped could be reintroduced in a post-election Finance Bill where they can be scrutinised at greater length.

Advertisement
In the letter, CIOT President Bill Dodwell said: “I am writing on behalf of the Chartered Institute of Taxation to urge you not to rush through Parliament substantial tax changes prior to the forthcoming general election.

“We recognise the need to pass a basic Finance Bill before the election, containing those measures essential to the continuation of the tax system - primarily the renewal of income tax. This could also reasonably confirm changes to levels of duties announced on Budget day, and any other measures which are required urgently, such as anti-avoidance provisions. However, we believe most other measures should be left until a post-election Finance Bill where they can be scrutinised at greater length.

“This is not simply about the formality of parliamentary debate. Since the Finance Bill was published on March 20, the Chartered Institute of Taxation has identified a number of changes that we believe are needed to the legislation on areas including in complicated areas such as loss relief and interest deductibility. No doubt other external bodies have identified concerns too. A truncated timetable - rushing through 762 pages of legislation in a single day or even two days next week – will not allow for adequate consideration of the matters we have raised.

“A post-election Finance Bill would also enable more of the framework for Making Tax Digital to be put in statute, rather than brought in through regulations.

“The CIOT acknowledges, and welcomes, improvements in the level of consultation on tax issues by the Government over recent years. Our recent report, with the Institute for Government and the Institute for Fiscal Studies, on Tax Policy Making included recommendations for better scrutiny by Parliament of new legislation. We hope you will be able to reassure us that these general improvements on consultation will not be undermined by the rushing through of a huge Finance Bill without the chance of amendments and scrutiny in the final days of this Parliament.”

--
If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'.
-
Susie Hughes © Shout99 2017

Printer Version

Mail this to a friend

Copyright 1999-2015, Shout99.com | All Rights Reserved | Legal Notice
 

Advertisements
advert
advert
advert
advert