Tag: finance bill

May urged to rule out no-deal Brexit after finance bill defeat

The UK Parliament’s vote to restrict a new Treasury power to make tax regulations shows its determination to prevent a “chaotic and damaging” no-deal Brexit, said Labour member of Parliament Yvette Cooper. My news story (paywall) for Tax Notes, January 9:

May Urged to Rule Out No-Deal Brexit After Finance Bill Defeat

Finance bill, VAT threshold and Brexit

Tax Notes published (paywall) the following articles in the week of December 24:

VAT Issues Need to Be Addressed in Brexit Talks, MPs Say
A significant reduction in the VAT registration threshold may be imposed on U.K. businesses if a new EU VAT directive takes effect during the proposed Brexit transitional period, a House of Commons committee said.

MPs Seek Finance Bill Change to Steer Brexit Debate
As the U.K. government ramps up preparations for a no-deal Brexit, members of Parliament hope to use a finance bill amendment to force the government to seek Parliament’s consent to such an outcome.

HMRC discretion is key to resolving loan charge dispute, MPs told

HM Revenue & Customs could use its “care and management” powers to reach a compromise with taxpayers facing the 2019 loan charge and avoid resorting to bankruptcy proceedings, a tax expert told members of Parliament.

“My personal viewpoint is that HMRC does have discretion to enter into a settlement arrangement with these individuals,” Chartered Institute of Taxation President Ray McCann told the House of Commons Treasury Subcommittee on December 10, in response to questions about the retroactive charge. My news story for Tax Notes (paywall), December 11, also published in the December 17 edition of Tax Notes International:

HMRC Discretion Is Key to Resolving Loan Charge Dispute, MPs Told

Tinkering with tax reliefs undermines stability, CIOT says

The Chartered Institute of Taxation has warned that “tinkering constantly with rates and allowances in unexpected ways” undermines stability and certainty and reduces international competitiveness. Several changes to tax allowances for businesses are “quietly working their way through Parliament” in the finance bill, the CIOT noted. Taxpayers do not welcome surprise changes and find them disruptive, it said.

My news story for Tax Notes (paywall), December 8: https://www.taxnotes.com/worldwide-tax-daily/tax-policy/tinkering-uk-tax-reliefs-undermines-stability-ciot-says/2018/12/10/28nvq

UK government rejects finance bill scrutiny concerns

The government dismissed calls for members of Parliament scrutinising finance bills to be allowed to question tax experts, despite one MP’s claim that “the tax code has increased massively” in recent years.

“There is a huge volume of tax legislation and lots of it is incredibly technical,” Kirsty Blackman, Scottish National Party MP for Aberdeen North, told a House of Commons public bill committee as it began examining the 315-page finance bill in two sessions on November 27.

My news story for Worldwide Tax Daily, published by Tax Analysts on November 29 (paywall):

U.K. Government Rejects Finance Bill Scrutiny Concerns