The Committee is formed each year following the Budget to look in detail at aspects of the Finance Bill - which enacts many of the measures announced by the Chancellor of the Exchequer - related to tax administration, clarification and simplification.
This year it is looking at the following elements of the Finance Bill:
- The provisions for changes in taxation regime for foreign profits.
- The provisions affecting Real Estate Investment Trusts (REITS) – The Committee will also look at the experience of the effect of the legislation since it was introduced in 2007.
- Restrictions on tax relief for pensions, mainly the process leading to their introduction and the anti-forestalling provisions in the Finance Bill.
The Committee’s first evidence session will feature evidence from representatives of the Institute of Chartered Accountants for England and Wales (ICAEW). The Committee will also hear evidence from the Law Society of England and Wales (LSEW) and the Law Society of Scotland.
The full details are:
Frank Haskew, Head of Tax Faculty, ICAEW Peter Cussons, ICEAW member
Richard Stratton, Chair of the Tax Law Committee, LSEW Louise Speke, Tax Law Committee, LSEW Isobel d’Inverno, Convenor of the Tax Law Committee, LSS Bill Pagan, Convenor of the Private Client Tax Sub-Committee, LSS.
The Lords Economic Affairs Committee has, since 2003, formed an annual sub-committee to look in detail at selected aspects of the Finance Bill. These inquiries address technical issues of tax administration, clarification and simplification rather than rates or incidence of tax.
The Committee’s second evidence session will feature representatives of the Institute of Directors, the CBI, and GlaxoSmithKline on behalf of The 100 Group, and will start at 3.30pm on Monday 18 May.