UK Law Society Calls For Clarification Of Finance Bill Legislation

by Robin Pilgrim, LawAndTax-News.com, London

19 May 2004

The UK's Law Society has this week called upon the government to publish detailed regulations to clarify a number of provisions contained in the 2004 Finance Bill, arguing that failure to do so will make it very difficult for tax and legal professionals to assess the full impact of the legislation.

Chief executive of the legal services regulator and industry body, Janet Paraskeva announced recently that:

"While we understand the logistical pressures that compel the use of regulations to supplement primary legislation, we feel that it is important that regulations should be published in draft form and should be the subject of a consultation so that there is adequate consideration given to their effectiveness."

The Law Society chief also, according to an Accounting Web report, expressed concern that the Finance Bill will lead to an increase in the compliance burden for taxpayers across a number of sectors.

She reportedly cited the extension of transfer pricing rules to transactions between domestic firms, changes to the benefits received by former owners of property, and the forthcoming disclosure requirements for participants in tax sheltering schemes as examples of areas in which the burden of compliance is likely to increase.

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