The government will publish a tax information and impact note for tax and NIC policy changes at the point at which the policy design is final or near final, beginning with tomorrow's Budget, David Gauke said.
In a written ministerial statement made last week, the Exchequer Secretary to the Treasury said tax information and impact notes will be produced for ‘all substantive changes in tax and NICs policy by primary and secondary legislation’.
Gauke said: ‘This new approach will consider a wider range of impacts and cover a broader range of policy changes than the existing impact assessment regime for tax.’
A note could be published alongside the Budget, or publication of draft or final legislation, he added.
‘These notes will provide a clear statement of the policy objective, impact on the Exchequer, the economy, individuals, businesses and civil society organisations, as well as any equality and other specific impact.’
Last week the House of Commons Treasury Committee welcomed the government’s commitment to a new approach to tax policy making, designed ‘to support its ambition for a more predictable, stable and simple system’.
But the Committee expressed concern that ‘the government has not done enough to set out the principles underlying that policy’.
The government will publish a tax information and impact note for tax and NIC policy changes at the point at which the policy design is final or near final, beginning with tomorrow's Budget, David Gauke said.
In a written ministerial statement made last week, the Exchequer Secretary to the Treasury said tax information and impact notes will be produced for ‘all substantive changes in tax and NICs policy by primary and secondary legislation’.
Gauke said: ‘This new approach will consider a wider range of impacts and cover a broader range of policy changes than the existing impact assessment regime for tax.’
A note could be published alongside the Budget, or publication of draft or final legislation, he added.
‘These notes will provide a clear statement of the policy objective, impact on the Exchequer, the economy, individuals, businesses and civil society organisations, as well as any equality and other specific impact.’
Last week the House of Commons Treasury Committee welcomed the government’s commitment to a new approach to tax policy making, designed ‘to support its ambition for a more predictable, stable and simple system’.
But the Committee expressed concern that ‘the government has not done enough to set out the principles underlying that policy’.
