CIOT wants better scrutiny of Finance Bill

Link: Treasury accused of rushing Finance Bill

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’.

Related reading

Life Belt with Computer Folders