ARTICLE · 24 MARCH 2011

Weekly Tax Update - Monday 21 March 2011

Smith & Williamson

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The House of Commons Treasury Committee paper on principles of tax policy has been published, concluding that tax policy should:

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Richard Mannion

1. Private Clients

1.1 Principles of Tax Policy and Tax Policy Making

The House of Commons Treasury Committee paper on principles of tax policy has been published, concluding that tax policy should:

be fair (recognising that there are different definitions of fairness);
support growth and encourage competition;
provide certainty (it should not normally be necessary for anyone to resort to the courts in order to resolve how the rules operate in relation to his or her tax affairs. Certainty about tax requires:

Legal clarity - Tax legislation should be based on statute and subject to proper democratic scrutiny by Parliament. However the report does not consider the role of the House of Lords, or the possible Joint Parliamentary Committee, which is something the CIOT has been pressing for and is an issue that was within the scope of the Treasury Committee's review.

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