GOVERNMENT PLANS to widen existing impact assessments for new tax policy changes and expand the consultation process have been detailed in a statement in Parliament by Exchequer secretary David Gauke.
From Budget 2011 onwards, the government will publish a tax information and impact note for new tax policy changes at the point at which the policy design is final, or near final.
It could be alongside the Budget or on the publication of draft legislation.
He told MPs: “The new approach will consider a wider range of impacts and cover a broader range of policy changes than the existing impact assessment regime for tax.
“The government is committed to consulting on tax policy changes and will use consultation and stakeholder engagement to inform and test its understanding of the impacts of a proposed change in policy.”
The notes are intended to provide a clear statement of the policy objective, impact on the Exchequer, the economy, individuals, businesses and civil society organisations.
The undertaking excludes routine changes to tax rates, thresholds and allowances by a predetermined formula like indexation.
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