CIOT wants better scrutiny of Finance Bill
No enough time has been set aside for consultation on the 75-page Finance Bill, the Chartered Institute of Taxation has warned.
These comments from the CIOT follow similar accusations made by the Tories against Treasury ministers earlier this week.
Among the measures the CIOT said had not been properly scrutinised are the new powers requiring VAT security where chain of supply is tainted by evasion; new legislation on special purpose vehicles and plans to apply PAYE and NIC to options exercised on or after 9 April 2003.
With reference to the proposals on share options, the CIOT said such plans were retrospective and impractical in nature.
It also said such legislation would leave many genuine share schemes in a ‘mess’.