House Of Lords Committee To Examine Implications Of Finance Bill Provisions

by Jason Gorringe, Tax-News.com, London

28 April 2004

It emerged this week that a sub-committee of the House of Lords Select Committee on Economic Affairs will be examining several aspects of this year's Finance Bill, with a view to issuing a report in early June.

The aspects under examination will be provisions addressing the disclosure of tax and VAT avoidance schemes; pensions schemes; small business taxation (with regard to distributions to non-corporate entities); stamp duty land tax; and duty stamps for spirits.

The Committee will, however, be focusing on the administrative implications of the aforementioned provisions, rather than on changes in rates or incidences of tax.

Speaking on Monday, Committee chairman, Lord Peston explained that:

"My Committee will be looking very carefully at the Government's proposals to deal with tax avoidance (as distinct from tax evasion) and at the implications which these and other measures will have for businesses and for the bodies which advise them on the conduct of their financial affairs."

He continued:

"We will also be looking, as part of this inquiry, at how the projected merger of the Inland Revenue and Customs and Excise will impact on the implementation of these and other measures in the Finance Bill."

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