TaxPersonal TaxEnglish ICA urges ministers to back down on Finance Bill

English ICA urges ministers to back down on Finance Bill

The English ICA has called on the government to remove key clauses from the Finance Bill, arguing that they are potentially damaging to UK business.

In its response to the Inland Revenue’s consultation on Double Tax Relief, the Tax Faculty of the institute has called for clauses relating to Double Tax Relief and Controlled Foreign Companies to be removed from the Finance Bill and for there to be greater consultation with all affected parties before any new package of measures be introduced.

Commenting on the clauses, Frank Haskew of the Tax Faculty said: ‘Taken as a whole we believe the proposed changes to offshore mixer companies and controlled foreign companies will damage business and reduce the UK’s competitiveness and should be withdrawn from the Finance Bill.

‘Last year the government indicated that serious consideration was being given to onshore mixing as a possible alternative to offshore mixing. We welcomed this possibility and made it clear that offshore mixing should be allowed to continue.

‘Six months on it was decided that onshore mixing would not be introduced and offshore mixing would be abolished. UK business now has the one measure that it did not want.

‘If Government is determined to introduce these changes it must do so as part of an overall package of other business friendly measures. Proper consultation should be undertaken with those affected and any new rules should not be introduced until next year, as part of the ‘wider package’ of measures to assist UK businesses.’

MPs demand more consultation on double tax changes

ICAEW

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