The House of Lords Economic Affairs Finance Bill Sub-committee has published its report on the draft Finance Bill 2021 legislation, focusing on provisions that would expand HMRC’s powers to support tax compliance and tackle avoidance. The Sub-committee:
suggests that the new HMRC powers are disproportionate, poorly targeted and without safeguards;
notes that the Government must redouble efforts to prevent the proliferation of new tax avoidance schemes, and welcomes proposals for action but calls on the Government to focus on promoters;
objects to the Government’s proposals for changes to HMRC’s civil information powers; and
raises the potential for ‘mission creep’ in the proposals for new tax checks for licence renewal applications.
The House of Lords Economic Affairs Finance Bill Sub-committee has published its report on the draft Finance Bill 2021 legislation, focusing on provisions that would expand HMRC’s powers to support tax compliance and tackle avoidance. The Sub-committee:
suggests that the new HMRC powers are disproportionate, poorly targeted and without safeguards;
notes that the Government must redouble efforts to prevent the proliferation of new tax avoidance schemes, and welcomes proposals for action but calls on the Government to focus on promoters;
objects to the Government’s proposals for changes to HMRC’s civil information powers; and
raises the potential for ‘mission creep’ in the proposals for new tax checks for licence renewal applications.
