Bill Dodwell on the key changes affecting corporate taxes
Five key changes in 2010 affecting corporate taxes are as follows:
1. Tax policy making
The Coalition government issued in June an important consultation document entitled Tax Policy Making. It proposes radical change in the approach to tax law. The Chancellor has followed it up with his decision not to hold a Pre-Budget Report – so that we go back to an annual cycle of tax changes. Draft tax law will be exposed for public consultation at least three months before the Budget and Finance Bill. This enables everyone involved – HMRC business and advisers – to consider whether the drafting actually lives up to the stated intentions. It also allows those intentions to be challenged where consequences are unexpected. The model for this is actually the worldwide debt cap rules. Only when the drafts were published in December...
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Bill Dodwell on the key changes affecting corporate taxes
Five key changes in 2010 affecting corporate taxes are as follows:
1. Tax policy making
The Coalition government issued in June an important consultation document entitled Tax Policy Making. It proposes radical change in the approach to tax law. The Chancellor has followed it up with his decision not to hold a Pre-Budget Report – so that we go back to an annual cycle of tax changes. Draft tax law will be exposed for public consultation at least three months before the Budget and Finance Bill. This enables everyone involved – HMRC business and advisers – to consider whether the drafting actually lives up to the stated intentions. It also allows those intentions to be challenged where consequences are unexpected. The model for this is actually the worldwide debt cap rules. Only when the drafts were published in December...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
