MPs remain baffled by the Finance Act
Most MPs are completely in the dark over new tax legislation in this year's Finance Act.
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A survey by the Chartered Institute of Taxation found 80% had read virtually none of the tax legislation in this year’s Act. Tim Ambrose, CIOT president, said: ‘The findings are disappointing, but it is not surprising that so few MPs appear to have any interest in, or understanding of, the changes that were made this year despite their range and complexity.’
With parliament to be recalled on September 8, Ambrose fears the sheer ignorance of MPs will see the nation’s tax laws become even more complicated and testing. Responses from MPs asked to name the most interesting part of the Act included: ‘Interesting – are you joking?’ and ‘Complexity is the sign of a tiny mind.’
The survey also found that MPs continue to have problems completing their self-assessment return with 60% saying they found it difficult and time-consuming.