RegulationCorporate GovernanceStop retrospective tax law changes, says CIoT

Stop retrospective tax law changes, says CIoT

Government should set a principle of avoiding retrospective changes to tax legislation

A PRINCIPLE to avoid retrospective changes in tax legislation should be adopted by the government.

The use of retrospective tax changes damages confidence in the UK tax system and harms the UK economy, according to the CIoT in its discussion paper.

“In an internationally competitive world, frequent retrospection would reduce the attractiveness of the UK to potential inbound investors,” said CIoT president Vincent Oratore.

“In recent years we have seen increasing use of retrospective action in the tax system. Thankfully this is still relatively rare but we think it is important for the government to state clearly when, if at all, it will see retrospective action as valid.”

The discussion paper can be accessed here.

 

Related Articles

Error in Department for Education’s financial statements ‘material and pervasive’

Accounting Standards Error in Department for Education’s financial statements ‘material and pervasive’

2y Calum Fuller, Reporter
New HMRC exec chair outlines priorities to PAC

Administration New HMRC exec chair outlines priorities to PAC

2y Fraser Simpson, Reporter
Firms criticised by MPs over failure to report 'scale of risk' carried by Kids Company

Audit Firms criticised by MPs over failure to report 'scale of risk' carried by Kids Company

2y Calum Fuller, Reporter
Bolton in "critical financial position" as taxman petitions for winding up

Corporate Finance Bolton in "critical financial position" as taxman petitions for winding up

2y Kevin Reed, Writer
Accountants to play key role in new BEPS rules: OECD chiefs

Corporate Governance Accountants to play key role in new BEPS rules: OECD chiefs

2y Keith Nuthall, Reporter
BEPS: Implementing the OECD's recommendations

Corporate Governance BEPS: Implementing the OECD's recommendations

2y Thomas McFarlane
Boards must use ethics to drive value, say accountants

Corporate Governance Boards must use ethics to drive value, say accountants

2y Kevin Reed, Writer
UK public wants parliamentary Budgets balanced

Corporate Governance UK public wants parliamentary Budgets balanced

4y Kevin Reed, Writer