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Budget Bill too long and complex

City accountants are accusing the Treasury of making the budget bill too long and too complex.

The bill, published last Friday, runs to an enormous 557 pages, far surpassing the previous record holder, the 1996 budget, which was 460 pages long.

The Institute of Chartered Accountants is embarking on a campaign to compel the Treasury to simplify the tax laws motivated by the number of complaints they have received from its membership.

Institute of Chartered Accountants executive Frank Haskew was reported in the weekend Telegraph as saying “The volume of tax law has doubled since the 1980s. I do not know how ordinary people have a hope of understanding their tax affairs. Even accountants are struggling.”


Housing market cools off, says Halifax

The rate of house price growth is slowing across the UK, according to the Halifax House Price Index for the first quarter of the year.Halifax says the UK housing market remains buoyant with prices rising by 3.2 per cent in the first quarter, though this is down from 3.6 per cent in the final quarter […]

We have uplift off

Last week, I looked at some of the anti-avoidance provisions announced inthis year&#39s Budget. I will now continue the theme by considering some moreproposals which are directed at the use of non-resident trusts to avoid ordefer UK taxation.The first proposal which I will review is that relating to beneficialinterests in trusts moving abroad.Special capital gains […]

PIA kicks out three companies

The PIA has announced a new round of expulsions, fines and reprimands.The regulator has terminated the membership of Jeffries & Co of 42Barrhill Road, Kirkintilloch, Glasgow, on the grounds that its soleprincipal is bankrupt.It has expelled The Independent Consultancy Group of Brue Business Park,Church Road, Bason Bridge, Highbridge, Somerset, for failing to comply withtraining and […]

Towry enters land of the fee

Towry Law intends to import the fee-based culture of Hambro Fraser Smithinto its own business.The new IFA operation, Towry Law Fraser Smith, was created after Towry&#39s£1m purchase of Hambro Fraser Smith. It will use the latter&#39s fee-basedculture to convert the business to one that can use both commission andfees.The absorption of HFS is planned to […]


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