There were no rabbits in sight during this year’s Budget. On corporation tax, fuel duty, disguised interest rules and green taxes there will be time for a full and proper consultation before implementation. The Chartered Institute of Taxation (CIOT) has long been calling for no ‘rabbits out of the hat’ from the Chancellor and HM Treasury.
Rob Ellerby, CIOT President, says: “Irrespective of whether you agree or disagree with the policy, it is vital that the Government consults. Consultation gives the proposals the chance to work as the Government wishes. Without consultation there may be ‘unintended consequences’ that lead to sticking plaster responses at a later date.”
The CIOT particularly welcomes the delay in implementation of the ‘income shifting’ rules.
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