Lords Committee scrutiny of the Finance Bill continues

18 May 2009

Representatives from the CBI, the Institute of Directors and the Chartered Institute of Taxation appear before the House of Lords Economic Affairs Committee’s Sub-Committee on the Finance Bill at 3.35 pm as it continues to look at aspects of the 2009 Finance Bill

Giving evidence to the Committee at 3.35pm will be:

  • Richard Baron, Institute of Directors;
  • Mervyn Woods and Neil Carberry, CBI;
  • Angela Knight, BBA; and
  • Julian Heslop, GlaxoSmithKline on behalf of the 100 Group.

Giving evidence at 4.30pm will be:

  • Andrew Hubbard and John Whiting, Chartered Institute of Taxation; and
  • Andrew Meeson and Trevor Johnson,The Association of Taxation Technicians.

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 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 third evidence session will feature representatives from the British Property Federation, the Royal Institute of Chartered Surveyors and will start at 3.50pm on Wednesday 20 May.

Image: iStockphoto

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