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UK Commits To Earlier Consultations On Tax Policy Changes

by Jason Gorringe, Tax-News.com, London

07 December 2017


The UK Government has proposed changes to the way it will consult on tax changes with lawmakers and the tax industry.

Updated guidance on a new tax consultation timetable was published on December 6, 2017. It is intended to give businesses and tax professionals greater clarity on proposed changes when there is just one fiscal event each year – an Autumn Budget – and enable opportunities for the Government to consult with stakeholders at early stages of policy making, including by launching consultations at the Spring Statement.

The new timetable will mean that businesses and tax professionals will have more time to consider and adapt to upcoming changes ahead of the tax year in which they will take effect, the Government said. It will give Parliament more time to scrutinize draft legislation ahead of the introduction of the Finance Bill.

Mel Stride, Financial Secretary to the Treasury and Paymaster General, said: "Open and collaborative consultation ensures any policy changes are well targeted and that the likely impacts are better understood. That is why we are giving taxpayers and professionals in the field more time to adapt to new rules and to give us their views on the design of tax policy."

In November 2016, Chancellor of the Exchequer Philip Hammond announced the move to a single Autumn Budget, which means businesses and individuals should face less frequent changes to the tax system. This is intended to deliver on the Government's commitment to creating a more predictable, stable, and simple tax regime.

TAGS: individuals | Finance | tax | business | value added tax (VAT) | law | United Kingdom | professionals | legislation

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