The task of simplifying the UK’s tax system is becoming ‘near impossible’, a leading tax expert said after the publication of the latest Finance Bill, which has three volumes, 227 clauses and 38 schedules.
HMRC has opened a ‘technical consultation’ on the design of the Gift Aid Small Donations Scheme announced at Budget 2011 and set to be introduced in 2013.
HMRC is consulting on proposals changes to the taxation of interest received, and rules on the deduction of tax from interest paid.
HMRC is seeking views on proposed changes to the income tax and corporation tax rules on manufactured payments, which the department describes as ‘amounts representative of interest or dividends paid and received under financial arrangements such as sale and repurchase arrangements (“repos”) and
Views from David Gauke, Exchequer Secretary to HM Treasury; Owen Smith, Shadow Exchequer Secretary to the Treasury; Philip Stephens, Chief Political Commentator, Financial Times, plus views from representatives of professional bodies and other organisations, namely John Whiting (OTS); Paul Johnson, (IFS); Anthony Thomas (CIOT); Paul Aplin (Tax Faculty of the ICAEW); Robert Maas (IIT); Richard Baron (IoD); Ashley Greenbank (Taw Law Committee of the Law Society); and Robin Williamson (LITRG).
An over-complicated tax system has led Aaronson to propose an over-complicated solution, says Patrick Cannon.
It is disappointing that the SDLT ‘slab’ system remains intact, say Mike Dalton and Andrew Levene.
The overall message to the Chancellor is that more still needs to be done to encourage the SME sector, say Melanie Orriss and Tim Fussell.
The motives for holding mansions in companies can range from confidentiality to inheritance rules in other jurisdictions, says Gordon Keenay.
Some businesses will welcome and benefit from changes that re-level the playing field, says Marc Welby.