LORDS

The draft Finance Bill 2014

The House of Lords Economic Affairs Committee set up a Finance Bill Sub-Committee (FBSC) to inquire into the draft Finance Bill 2014 which was published on 10 December 2013.

Inquiry Status: Inquiry concluded and Report published. Debated in Chamber on 16 July 2014.

Topics

The FBSC would welcome written evidence on the two topics set out below:

Taxation of Partnerships

The first relates to the schedule in the draft Bill which makes provision in relation to partnerships (Parts 1, 2, 3 and 4 of the Schedule). The FBSC invites evidence on the specifics of this draft legislation.

The FBSC wishes to consider more generally the legislation in relation to the taxation of partnerships. Evidence is invited on whether the approach of the legislation is appropriate or whether the provisions such as those in the draft Finance Bill 2014 are a symptom of underlying problems with that approach.

The FBSC expects the report on the taxation of partnerships which the Office of Tax Simplification will publish shortly to provide an important input to its inquiry, and also invites evidence on the conclusions in that report.

New approach to Tax Policy Making

It is now over three years since the Government announced its new approach to tax policy making with the aim of bringing about a clearer, more stable and predictable tax system with better tax legislation and more effective scrutiny of tax changes.

The FBSC now invites evidence on the extent to which the new approach has been implemented and is delivering the objectives set out for it. 

To the extent that the new approach has not been fully implemented in particular areas or on specific topics, the FBSC invites evidence on why there is this variability.

News

Publications

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    Glossary

    • Reports and associated evidence - reports and evidence featuring written submissions and corrected oral evidence published at the conclusion of Committee inquiries. Evidence is periodically updated over the course of an inquiry and is not finalised until the relevant Report is published.
    • Uncorrected oral evidence - transcripts of oral evidence not yet approved by the Committee or witnesses.
    • Other oral evidence - corrected transcripts of oral evidence, usually taken for scrutiny purposes or for ad hoc/regular evidence sessions with Ministers.
    • Evidence - written submissions and corrected oral evidence published for scrutiny purposes or for ad hoc/regular evidence sessions with Ministers.
    • Responses to Reports - Government Department and European Commission responses to reports.
    • Call for Evidence - request to submit evidence to a Committee inquiry.
    • Correspondence - correspondence received and sent by the Committee excluding ministerial correspondence.
    • Correspondence with Ministers - Ministerial correspondence received and sent by the Committee.
    • Progress of Scrutiny - records the decisions taken by the EU Committee on European documents that have been deposited in Parliament for scrutiny.

Members' Interests

Members' interests in relation to this inquiry

The Members of the Economic Affairs Finance Bill Sub-Committee have declared the following interests in relation to this inquiry:

Members are required to register any financial and non-financial interests that a reasonable member of the public might think would influence their actions in Parliament. The full text of the Register is available online: