Examining the key tax developments of 2017
Tax Faculty chairman Carl Bayley assesses the big tax developments of 2017, including the Professional Conduct in Relation to Taxation, Making Tax Digital, the Spring Budget and devolved taxation.
Looking at everything that happened in the first few months of 2017, one cannot help but be reminded of the imprecation: “May you live in interesting times.” In relation to tax developments, I predict that the future will be more interesting still. In April 2017 I was asked to write my chairman’s statement for the Tax Faculty’s annual report. I was reminded that the annual report, and my statement, covered the year to December 2016. It was an apt and much needed reminder because, even then, just over four months into 2017, so much had happened, both within the faculty and in the world around us.
One of our biggest achievements of recent times went live on 1 March when the latest version of Professional Conduct in Relation to Taxation (PCRT) came into force. This was the culmination of almost two years’ work by staff and volunteers both within the Tax Faculty and across ICAEW, and was also in collaboration with six other professional bodies.