Blog

FInance Bill report stage takes place in the House of Commons today and tomorrow. For the uninitiated the discussions can sometimes be a little confusing. So here is what they will be discussing in each group of amendments. Some of the wording is taken from the Government's notes, some is our own description of what we think an amendment is trying to do. Government amendments are listed first, with opposition ane backbench amendments in each group afterwards, in bullet point format, as they are unlikely to be passed (though may still dominate debate).

The management of assets such as money, investments, land or buildings in relation to inheritance tax (IHT) are in the spotlight as a result of the death of the Duke of Westminster.

Financial Secretary David Gauke (since promoted to Chief Secretary to the Treasury), thanked the CIOT for its expert advice on government tax policy in the past 12 months, at the Institute’s Annual Parliamentary Reception on June 28th.

The CIOT external relations team have produced a detailed (40 pages) note of committee stage debates on Finance Bill 2016.

CIOT members, other tax professionals and anyone else with an interest in how tax policy is made, are invited to comment on a new paper published by CIOT, the Institute for Government and the Institute for Fiscal Studies.

A panel of experts debated the role of the tax system when it comes to pensions and savings, in the latest CIOT/IFS collaboration at the RSA in London. The debate was chaired by the charismatic Paul Lewis, presenter of Radio 4’s Money Box.

Chancellor George Osborne’s plan to cut corporation tax to less than 15 per cent in the future is the first significant move on taxation that is related to the Brexit vote. It further differentiates the UK from the average rate of 25 per cent in the world's most developed countries.

Yesterday’s vote in favour of leaving the European Union has significant implications for tax professionals.

The committee heard from Michael Devereux, Director of the Oxford University Centre for Business Taxation, Paul Morton, Head of Group Tax, RELX Group and Steve Edge, Tax Partner, Slaughter and May. 

Margaret Hodge MP, who chairs the APPG, was joined by the SNP’s spokesperson on pensions Ian Blackford MP, Labour Lord McFall of Alcluith and Conservative MP Charlotte Leslie.