The House of Lords Economic Affairs Committee has set up a Finance Bill Sub-Committee (FBSC) to inquire into the draft Finance Bill 2016 and specifically the extent to which the Bill will help to simplify the personal tax system, and how it will impact on the compliance burdens of individual taxpayers.
The FBSC is inviting written evidence on the draft Finance Bill to be received by 29 January 2016. It is particularly interested to hear evidence on:
Proposed changes to the taxation of savings and dividends: The Bill proposes to end the tax deduction system for interest under which banks and building societies deduct tax from the interest they pay on deposits. A new personal savings allowance will be introduced. The draft clauses also substantially reform the taxation of dividends.
Simple assessments: This introduces a new power allowing HMRC to access an individual’s tax liability without a tax return being submitted. This is part of the government’s strategy to introduce digital tax accounts to eventually replace the annual tax return. The Committee is interested in views on the administration of simple assessments.
Office of Tax Simplification (OTS): The draft Bill will give the OTS statutory permanence and define its functions. The Committee would welcome views on whether this is likely to effectively contribute to the development of a simplified tax system.
The FSBC will report before the Budget on the 16 March 2016 and the subsequent debates on the Finance Bill. See www.bit.ly/1WqOcTj.
The House of Lords Economic Affairs Committee has set up a Finance Bill Sub-Committee (FBSC) to inquire into the draft Finance Bill 2016 and specifically the extent to which the Bill will help to simplify the personal tax system, and how it will impact on the compliance burdens of individual taxpayers.
The FBSC is inviting written evidence on the draft Finance Bill to be received by 29 January 2016. It is particularly interested to hear evidence on:
Proposed changes to the taxation of savings and dividends: The Bill proposes to end the tax deduction system for interest under which banks and building societies deduct tax from the interest they pay on deposits. A new personal savings allowance will be introduced. The draft clauses also substantially reform the taxation of dividends.
Simple assessments: This introduces a new power allowing HMRC to access an individual’s tax liability without a tax return being submitted. This is part of the government’s strategy to introduce digital tax accounts to eventually replace the annual tax return. The Committee is interested in views on the administration of simple assessments.
Office of Tax Simplification (OTS): The draft Bill will give the OTS statutory permanence and define its functions. The Committee would welcome views on whether this is likely to effectively contribute to the development of a simplified tax system.
The FSBC will report before the Budget on the 16 March 2016 and the subsequent debates on the Finance Bill. See www.bit.ly/1WqOcTj.
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