Paul Boateng, chief secretary to the Treasury, said any delay would allow businesses to continue to avoid pay stamp duty on £10bn a year of property transactions.
‘It is inevitable the legislation will need to be refined over the next couple of years,’ Boateng said.
He made these comments in response to a letter from Tory shadow chancellor Michael Howard, who said the proposed rules would protract uncertainty for business and property owners, the FT reported today.
The Treasury said new rules would come into place on 31 December, unless a better alternative is proposed by industry.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states