New tax consultation timetable published today
- Also published by:
- HM Revenue and Customs
The updated guidance sets out how the consultation process will work when there is just one fiscal event each year – an Autumn Budget.
Updated guidance on the new tax consultation timetable, published yesterday (6 December 2017), will give businesses and tax professionals greater clarity by setting out how the consultation process will work when there is just one fiscal event each year – an Autumn Budget.
This new guidance sets out how the timetable will allow for more opportunities for the government to consult with stakeholders at early stages of policy making, including by launching consultations at the Spring Statement. The plans it sets out mean that businesses and tax professionals will have more time to consider and adapt to upcoming changes ahead of the tax year in which they will take effect. And they will give Parliament more time to scrutinise draft legislation ahead of the introduction of the Finance Bill.
Mel Stride, Financial Secretary to the Treasury and Paymaster General said:
Open and collaborative consultation ensures any policy changes are well targeted and that the likely impacts are better understood. That is why we are giving taxpayers and professionals in the field more time to adapt to new rules and to give us their views on the design of tax policy.
In November 2016, Chancellor of the Exchequer Philip Hammond announced the move to a single Autumn Budget, which means businesses and individuals should face less frequent changes to the tax system. This builds on the progress made on tax policy development since Tax Policy Making: A New Approach was published in 2010, which committed to creating a more predictable, stable and simple tax regime.
Latest News from
New phase in Golden Era for UK-China relations15/12/2017 14:30:00
More than a billion pounds of trade and investment will be agreed at the 9th UK-China Economic and Financial Dialogue.
Business set to benefit from new Insurance Linked Securities rules12/12/2017 11:10:25
New legislation now allows Insurance Linked Securities deals to take place within a new specially designed framework in the UK.
Chancellor visit to Saudi Arabia: 10 December 201711/12/2017 14:52:31
The Chancellor is expected to discuss a range of issues, including the economic reform plan Vision 2030.
inTech to help renters get on the housing ladder07/12/2017 09:10:01
New competition to use rental payment data to improve credit scores and mortgage applications for the 11 million renters in Britain.