The Chartered Institute of Taxation has welcomed the publication of a new Finance Bill1 today, but criticised the number of measures in the Bill not previously consulted on, and the apparent timetable for the Bill’s passage through Parliament, which it believes will harm scrutiny of the Bill.
The Low Incomes Tax Reform Group (LITRG) has cautiously welcomed the Government’s response to the recommendations made by the Social Security Advisory Committee (SSAC) on moving claimants to Universal Credit from tax credits and other working age benefits. However, a number of concerns remain and LITRG calls on the Government to stop existing benefit claimants moving across to Universal Credit until the migration process is more fully developed and all claimants can be given transitional protection.
The Chancellor’s failure to address an anomaly in tax rules which means that more than a million people on low incomes are losing out on tax relief on their pension contributions is extremely disappointing, says the Low Incomes Tax Reform Group (LITRG).
In today’s Budget, the Chancellor announced a package of changes to Universal Credit (UC) following growing concerns that the system is leaving people in hardship and not working as well as it should. LITRG welcomes the changes, but are concerned they do not go far enough to deal with the many problems that currently exist in the UC system.
The Chartered Institute of Taxation (CIOT) has welcomed the announcement in today’s Budget that HMRC’s practice of treating tax returns that are filed by taxpayers voluntarily on the same basis as returns that are filed under a legal obligation is to be put on a statutory footing. The measure is retrospective and will apply from 1996/97, the year self-assessment was introduced.1