Finance Bill 2007 reviewed
Summary
This Report from the House of Lords
'The
Finance Bill 2007' (HL 121-I) examines the Finance Bill, which implements
measures from
'Budget
2007' (HC 342).
This Report from the House of Lords Select
Committee on Economic Affairs concentrates on three areas:
- The
business tax reform package, in the context of simplification
- Managed
Service Companies (MSC)
- Measures in Part 6 which cover new criminal
investigation powers, civil penalties for errors in tax returns and online
filing and electronic payment.
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How
does it affect me?
If you work in the finance sector or are interested
in the implementation of
'Budget
2007' (HC 342), this affects you.
There were mixed feelings as to
whether the business tax reform represented simplification, but there was
contentment with the HM Revenue and Customs (HMRC) progress in implementing the
Varney
Review on how the needs of large businesses could be satisfied in the
administration of the tax system.
The measures on MSCs were seen as a
"sticking plaster" for underlying structural issues which need to be tackled.
It is an area that merits scrutiny. On the enforcement measures there was some
concern that safeguards were being left behind. The Committee thus welcomed a
consultation document on safeguards, which was published during their
investigations.
See more on the work of the
House
of Lords Select Committee on Economic Affairs.
Find out more about
HM Revenue and Customs.