ICAEW critical of 'rushed' Finance Bill
The ICAEW's Tax Faculty has said the lack of debate and scrutiny of the 2001 Finance Bill may result in the need for changes to being made on key points in the short term.
The ICAEW has objected to the limited amount of time given to debating the contents of the Bill.
Francesca Lagerberg, senior consultant to the Institute’s Tax Faculty, said: ‘We’ve seen frequently in the past that tax changes enacted in a tight Budget timetable are often ill considered, subject to little or no parliamentary scrutiny, and are pushed through with inadequate time for consultation.’
She added: ‘The Finance Bill had all the hallmarks of hasty legislation.’
As an example, Lagerberg pointed to the aggregates levy, a new tax with over 30 clauses and seven schedule, which she said, ‘has been rushed through the main body of the House of Commons in under a day’.
She concluded: ‘We are urging all political parties to consider tax reform before the election to ensure a more democratically accountable approach to the legislation in the future.’
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Finance Bill rushed through Commons