TAXline News - March 2017
Frank Haskew, Head of the Tax Faculty, reports on the faculty's activities during February 2017, including the latest on its work responding to government consultations.
We submitted a number of detailed responses to the draft Finance Bill clauses. Shortly before the original consultation closed on 1 February, the government tabled some additions to the draft provisions on the changes to the domicile rules and on the restriction of corporate interest relief. These newly-tabled clauses are extremely long in their own right and come on top of already long and complicated provisions published on 5 December 2016. And that is before adding the legislation to implement Making Tax Digital (MTD), most of which (as I write in February) we have not yet seen.
How taxpayers and advisers are expected to understand all these provisions before they come into force at the start of the new tax year is anybody’s guess, but we know one thing for sure: this will be one of the longest Finance Acts ever.