TaxPersonal TaxMP’s group slates Budget tax moves

MP's group slates Budget tax moves

MPs are urging the government to lengthen the period forconsultations over the chancellor's plans to cut doubletaxation concessions in the Budget.

MPs on the influential all-party Commons Treasury Committee alsocalled for close monitoring of the cost to employers of handlingWorking Families tax Credits.

And a report from the Committee demanded a pause before furtherchanges to Capital Gains Tax to allow the cascade of’reforms’ to settle down.

The committee – in its report on the budget package – said theTreasury should reconsider the accounting conventions for thetreatment of WFTC in the national accounts since the tax is amove towards the introduction of negative income tax in placeof separate welfare benefits.

The committee accused the Treasury of halving the CabinetOffice’s guidelines for consultations to allow a bare four weeksfrom the budget talks on the double taxation proposals, endingon 19 April.

The MPs said longer should be allowed ‘because of thecontroversial nature of the proposals’ whichPricewaterhouseCoopers feared will cost companies dear and makethe UK one of the least attractive places in the world to dobusiness for large international groups.

The Treasury claimed to the committee that the overall packageis ‘of net benefit to multinationals’ making it ‘quiteattractive’ for them to do business in Britain.

EXCLUSIVE: Spend to Save to survive £1bn shortfall

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