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TAXline News: November 2018

Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during November 2018.

The date for Autumn Budget 2018 was set at short notice for 29 October 2018. By the time you read this, you will be able to read details of our Budget coverage on our website at icaew.com/budget, including our detailed analysis (published on 31 October 2018). We presented a Budget TAXtalk and will also be running a webinar on the Budget, Finance Bill and other developments on 16 November.

We submitted our suggestions to HM Treasury about what should be included in the Budget. We recommended that there should be no new tax policy initiatives. Instead, attention should focus on ensuring that taxpayers can fulfil their tax obligations more easily. We also submitted written and oral evidence to the House of Lords Finance Bill Committee. This Committee is focusing its inquiry into two particular aspects, namely whether the further new powers being sought by HMRC are appropriate and what is the state of readiness of HMRC, businesses and the software industry for Making Tax Digital (MTD).