TAX POLICY

Helen Lethaby provides this month's update on tax issues affecting the City, including consultation resulting from Basel III, recent accounting changes, the overlooked decision in Audley and an update
on the GAAR study

Responses to the consultation on measures to rebalance the Northern Ireland economy will be accepted until 1 July. The consultation paper published in March invited comments by 24 June.

Tax professionals have welcomed two government consultations on reforms designed to support innovation and productivity in the UK.

The Report Stage Bill, tracking the changes made in Committee of the Whole House and in Public Bill Committee, has been published on the Parliament website.

HMRC have published an ‘informal consultation’ to explore potential changes to the debt cap rules in TIOPA 2010 Part 6 which restrict restricting tax relief for interest and other finance costs. Comments are invited by 5 September. ...

New research suggests that the UK has one of the highest tax burdens for both low and high earners of ‘any major economy’, according to UHY Hacker Young.

The Government has published two consultation documents with the stated aim of supporting innovation and productivity in the UK.

The Public Bill Committee completed its consideration of the Finance Bill on 9 June:

The Public Bill Committee resumed its consideration of the Finance Bill on 7 June.

HM Treasury is recruiting a permanent Chairman and Tax Director for the Office of Tax Simplification. Michael Jack and John Whiting were appointed to lead the OTS on a temporary basis when it was established last year.