TaxPersonal TaxNew income tax bill due out next year

New income tax bill due out next year

The tax law rewrite project is on course to produce its third bill covering income tax by the middle of next year, paymaster general Dawn Primarolo has claimed in the Commons.

Link: Revised tax law to enter statute book

It will follow draft new PAYE regulations this spring, she said during a debate on the second re-write bill on earnings and pensions.

Primarolo assured MPs the legislation is clearer and easier to understand – but has not been ‘simplified’ and contains only minor changes in the law, most of them in the favour of taxpayers.

She said the only way to avoid complex provisions was to get tax planners ‘to agree a truce under which they would stop their creative tax planning and we would not need our anti-avoidance legislation’ adding: ‘I live in hope, but I think not’.

She was responding to Tory spokesman Stephen O’Brien, who complained that despite computerisation and the use of companies to pay benefits, the cost of running the Inland Revenue and Benefits Agency or equivalent have soared from under £1bn in 1950/51 at 2001 prices to £6bn now.

The bill was approved without a vote.

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