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Contractor accountants tired of tax uncertainty

Contractor accountants tired of tax uncertainty

The Chartered Institute of Taxation has expressed concern that there is not enough time left before the general election to draw up, and properly scrutinise, a Finance Bill. This came after Stephen Timms, the Treasury secretary, confirmed last week that there would be a Finance Bill before the upcoming election.

The CIOT has written to Alistair Darling asking him not to make substantial changes to taxation until the proposals have undergone close examination from parliament. They say this can only be achieved by waiting until after the election when MPs have more time to devote to debating the issues.

The CIOT president, Andrew Hubbard, believes that so near to a general election, MPs minds will not be focussed on the detailed scrutiny necessary to ensure good tax law.

Meanwhile the ICAS wants to see the government publish draft legislation for complex changes to the tax framework so that interested parties, including the UK’s leading contractor accountants, get the chance to provide input. Their director of tax, Derek Allen, said that it was “crucial” for the government to publish updated notes regarding new provisions at every stage of the parliamentary process.

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Image: Tired of Bumpy Roads by NickStarr

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