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ALLISON PLAGER reports on the House of Lords select committee's consideration of the Finance Bill.
FOR THE LAST two years the House of Lords has been granted permission to scrutinise the Finance Bill. The remit has been very specific: the House had to focus on tax administration clarification and simplification and was not allowed to examine the rates or incidence of taxes. To enable it to carry out the remit the House created a sub-committee of the House of Lords Select Committee on Economic Affairs under the chairmanship of Lord Peston. The committee's ruminations on the 2004 Finance Bill were published recently and revealed that the committee had selected five measures for consideration:
- disclosure of tax and VAT avoidance schemes;
- pension scheme simplification; and
- payment by small businesses of corporation tax on distributed income;
- stamp duty land tax; and
- duty stamps for spirits. ...
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