Corporate concern over the substance of recent fiscal changes such as the
scrapping of the 10% capital gains tax (CGT) rate, has intensified by the
Treasury’s perceived failure to consult with business, according to a
finance bill committee report.
The highly critical report cited, and supported, the ‘harsh criticism from
the private sector’ of the Treasury’s handling of the CGT and non-domicile tax
changes, the Financial Times reports.
‘Our general impression…was that this year the formulation of tax policy
has been marked by uncertainty of direction,’ the peers said.
Business is now questioning the competence of the department’s officials to
deal with the economic downturn. ‘A lot of people in the Treasury don’t know
what the hell it [a downturn] is and they’re running around like…,’ Richard
director-general, said last week. ‘That contributes to the uncertainty.’
Committee expresses concern about costs to businesses and April 2018 implementation date
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Drastically fewer offices for HMRC in the hope to reduce their running costs
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance