Taxes Management Act

07 December 2006

Categories: News , HMRC powers

Further to HMRC's review of their administrative legislation (see Update, Taxation, 22 June 2006, page 321), they have recently published draft clauses for the administrative provisions covering notification and registration, returns and assessments, together with a commentary and a partial regulatory impact assessment.

Comments on the draft legislation are requested by 20 February 2007. They should be sent to Maria Richards, Room 1C/20, 1st Floor, 100 Parliament Street, London SW1A 2BQ, e-mail: Maria.Richards@hmrc.gsi.gov.uk.
The first draft of the New Management Act is part of the continuing review of HMRC powers, brought about by the merger of the old Inland Revenue and Customs. 'It is', says Francesca Lagerberg of Grant Thornton, 'our first glimpse of the “brave New World” offered by HMRC. The question is whether it's an early Christmas present or a bah humbug moment'.
She suspects that the truth probably lies somewhere in the middle. Noting that the draft extends to 102 clauses and 3 short schedules, covering notification and registration, returns and assessments, Francesca says that 'it is going to take some wading through to see all the practicalities, but we will need to do just that as HMRC are considering pushing through this Act using the tax law rewrite provisions which means even less Parliamentary scrutiny. It is in our interests to read and comment thoroughly on this new Act before we find it is in place and our voices go unheard'.
www.hmrc.gov.uk

Categories: News , HMRC powers