In some ways the Emergency Budget resembled the last Budget of the Labour Government. Much of it was a re-hash of measures which had previously been announced or hinted at and updates on consultations which were already in progress.
A new approach
However there was some evidence of a new direction in the area of tax legislation. Conspicuous in this regard was the joint HM Treasury and HMRC discussion document on a new approach to tax policy-making.
It is fair to say that the past decade has seen a proliferation of poorly-drafted voluminous and inadequately-targeted tax legislation. There appears to have been no clear strategy for the UK tax system but rather an approach which sought to respond on a piecemeal basis to particular areas of avoidance activity.
This method of engagement has resulted...
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In some ways the Emergency Budget resembled the last Budget of the Labour Government. Much of it was a re-hash of measures which had previously been announced or hinted at and updates on consultations which were already in progress.
A new approach
However there was some evidence of a new direction in the area of tax legislation. Conspicuous in this regard was the joint HM Treasury and HMRC discussion document on a new approach to tax policy-making.
It is fair to say that the past decade has seen a proliferation of poorly-drafted voluminous and inadequately-targeted tax legislation. There appears to have been no clear strategy for the UK tax system but rather an approach which sought to respond on a piecemeal basis to particular areas of avoidance activity.
This method of engagement has resulted...
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:
