A summary of responses to a consultation on the tax treatment of pre-owned assets was published last week, but included only a small number of the 192 replies submitted to the Revenue.
‘This is a very carefully worded document that neatly slides over some of the most controversial aspects,’ said Anne Redston, tax partner at Big Four firm, Ernst & Young.
Redston called on the government to employ independent consultants to study replies to consultation and produce documents in future.
Redston added that the legislation itself is a ‘very serious and damaging attack on the fairness and integrity of the tax system.’
Shadow chief secretary to the Treasury Howard Flight agreed with Redston, describing the document as ‘bland and unmeaningful’. He also said there was a lack of responses from some interested parties that should have provided comments.
At the same time, the ICAEW has slammed the Treasury for its latest finance bill. Mark Lee, chairman of the tax faculty and director of tax services at WJB Chiltern, described it as ‘below par’ in the institute’s representation published this week.
‘We regret the length of our submissions this year,’ said Lee. ‘But they are an inevitable consequence of the length of the bill and of the below-par drafting in many cases.’
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