Latest Stamp Duty draft legislation slammed
Experts have slammed the latest draft legislation for the new version of Stamp Duty, which was released by the Inland Revenue yesterday.
Comments on the draft legislation must now be submitted to the government by 24 February 2003, but accountants are already disillusioned by the government’s lack of action.
Chas Roy-Chowdhury, head of tax at the Association of Chartered Certified Accountants, described the Revenues approach as ‘blinkered’ and said he was disappointed the government has not engaged the profession on discussions over the controversial tiered stamp duty rise system.
Kevin Griffin, director of Ernst & Young’s stamp taxes group, said the Revenue had taken a ‘simple, if somewhat quirky, 300 year old tax and “modernised” it, producing over 60 pages of complex legislation.’
Griffin continued by saying that by the time the full legislation is implemented – due for late 2003 – tax payers may have only 30 days to get things right or face penalties.