TAXline News - August 2017
Frank Haskew, Head of the Tax Faculty, reports on the faculty's activities during July 2017.
The briefing notes for the Queen’s speech said there would be a summer Finance Bill 2017. However, on 13 July it was announced that the Finance Bill will now be published when parliament returns in September, and will include the clauses dropped from the first Finance Bill in April. We requested an early meeting with HMRC to discuss the need for clarity about how the clauses removed from the first Finance Bill 2017 will be implemented and that taxpayers must be protected if they took action in anticipation of those clauses coming into effect from 6 April 2017.
We wrote to the new Financial Secretary to the Treasury, Mel Stride, to set out what we believe should be the priorities for the new government (published as ICAEW REP 71/17). In addition to the need for certainty for taxpayers about legislation dropped from the first Finance Bill, we urged that no major changes should be made to the tax system while Making Tax Digital (MTD) is implemented. We also expressed concerns about mandating MTD for businesses, especially those below the VAT threshold, and more generally that it will increase burdens on businesses.