Chartered Institute of Taxation warns Chancellor not to rush Finance Bill
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The Chartered Institute of Taxation has written to Chancellor Alistair Darling urging him not to rush through substantial tax changes without proper parliamentary scrutiny.
In an open letter to Darling about the anticipated prorogtion of Parliament ahead of a general election, the CIOT urges him to leave significant tax measures until a post-election Finance Bill where they can be scruitinised at greater length.
The CIOT says: “If the March 24 Budget is followed, as is expected, by the announcement of a May 6 general election, a Finance Bill will need to be rushed through in, almost certainly, a single day. The CIOT is urging the Chancellor to include in it only those measures essential to maintain the Government’s revenue raising capacity, such as renewing the provision of income tax.”
In the letter, CIOT president Andrew Hubbard says: “The CIOT strongly believes that good tax law requires close examination and detailed scrutiny, from parliamentarians and from outside experts. In particular this is to ensure that the legislation does not have unintended negative consequences. A Finance Bill rushed through all its stages in a single day does not allow for this – especially in the final days of a Parliament when most MPs’ minds will, understandably, be elsewhere.”
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