HM Treasury has confirmed that consultations on changes to the tax system will be published on 23 March, rather than on Budget day as is traditional. An interim report into the government’s review of business rates will also be released.
Consultations on tax changes that will not be included in the next Finance Bill, or have an impact on the government’s finances, are being removed from the Budget in a bid to boost their profile, confirmed Jesse Norman MP, Financial Secretary to the Treasury.
He said: “We are making these announcements separately to the Budget, but still all on a single day, to give a range of important but less high profile measures greater visibility among members of parliament, tax professionals and other stakeholders, and greater scope for scrutiny by them.”
Tax-raising measures and those that impact the Office for Budget Responsibility’s economic and fiscal outlook will still be made on 3 March, with the remaining consultations and calls for evidence to be published on 23 March.
These consultations will include those supporting the government’s 10-year tax administration strategy. ICAEW’s Tax Faculty expects that the announcements will include a call for evidence on what is to be known as "TAFR" – Tax Administration Framework Review.
In a separate announcement, the Treasury confirmed that the government would also publish an interim report in its review of business rates on 23 March, as well as the consultation responses it has received. The final report will not be published until the autumn.
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- 24 Feb 2021 (12: 00 AM GMT)
- Expected announcement have been updated to remove expectation of consultation on interest and penalties and to insert the call for evidence on TAFR.