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Contractor accountant groups criticise Finance Bill

Contractor accountant groups criticise Finance Bill

The Chartered Institute of Taxation has criticised the government’s decision to push ahead with the Finance Bill before the general election. They believe that rushing through the proposals could lead to loopholes and an overly complicated tax system.

There are several clauses in the bill including 3 new taxes. The CIOT is concerned that without proper parliamentary scrutiny the government is leaving itself open to unforeseen circumstances in the future.

One item of the bill that has upset the CIOT is the restrictions on pensions’ tax relief for higher earners. They believe that the new regulations are over-complex and question the decision to rush them through when they won’t actually come into force until April 2011.

John Whiting from the CIOT said that the government doesn’t appear to have listened to the views of respondents, including several leading contractor accountants, most of whom said there were easier ways of curtailing tax relief for the rich. He also called on the government to wait until after the election to push through the majority of the proposals.

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Image: Red Cross Red Velvet cupcake by David Berkowitz

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