Finance Bill
Article Abstract:
The Finance Bill recognizes the fact that simplification of tax legislation is needed. A such, a new provision appoints the Inland Revenue to make a report that will discuss how tax legislation can be made simpler. To be presented to the Parliament before 1995 ends, the paper is supposed to tackle recent tax legislation history, provide detailed account of new legislation on the primary and secondary levels, and a brief critique of the complicated tax legislation and parliamentary system. In addition, it is to identify the advantages and disadvantages of recommended solutions. The 1995 Finance Bill introduced more clauses and amendments than in previous years, reflecting dissatisfaction with the complexity of the tax legislation. Areas where these clauses and amendments are incorporated include personal injury damages, life assurance companies, venture capital trusts, personal pension annuity purchase and employee financial participation plans.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1995
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When the proverbial goal posts keep moving
Article Abstract:
The heightened practice of the UK Parliament of reversing court decisions pertaining to tax laws creates confusion and undercuts the validity of current legislations. The situation is further complicated by the lack of a consistent approach to the necessity for retrospective legislations and their effective date. An overview of the list oftax cases and the ensuing amendments reflect the conundrum brought about by these laws. To minimize conflicts, reversal of court rulings should be congruous with the original intention of Parliament at the time of the first drafting of the law being revised. Also, potential reversal and its retrospective effect should be declared as soon as possible. A positive development is the move to have consultation before any legislative changes areto be made.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1993
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Publication in the public interest
Article Abstract:
The Instruction Manual of Britain's Board of Inland Revenue is not available to the public. The government has refused to release the document, citing the Official Secrets Act of 1911. The manual deals with practical application of Britain's tax laws. It contains extensive information on how tax inspectors are to interpret claims and elections. National security would not be threatened by releasing the manual. Making the publication available to accountants would reduce disputed claims and improve the efficiency and fairness of the tax consultation process.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1987
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