Inquiry into the draft Finance Bill 2016 launches

• Call for evidence: Draft Finance Bill 2016
• Inquiry: Draft Finance Bill 2016
• The draft Finance Bill 2016
• Economic Affairs Finance Bill Sub-Committee

Topic

This year the FBSC concentrates its inquiry on whether the measures proposed in the draft Bill contribute to the simplification of the personal tax system and their impact on the compliance burdens of individual taxpayers. The FBSC invites evidence on these issues with particular reference to the following three topics:

Clauses (1)-(4): Proposed changes to the taxation of savings and dividends

These clauses introduce a new Personal Savings Allowance and end the deduction of tax from interest at source. In relation to dividends the measure include the abolition of dividend tax credits and the introduction of new dividend tax rates.  The FBSC invites evidence on the specifics of these draft provisions and their potential impact.

Clause (71): Simple Assessments

This clause introduces a new power allowing HMRC to assess an individual's tax liability, without a tax return being submitted, using information it already holds (whether received from the individual or a third party).  The FBSC invites evidence on the proposed administration of simple assessments and their impact on tax payers.

Clauses (83)-(88): Office of Tax Simplification

The Bill establishes a permanent Office of Tax Simplification and defines its functions in statute. The FBSC invites evidence on the impact of these clauses and the extent to which they are likely to promote the future development of a simple, transparent personal tax system.

Further information

• About Parliament: Select committees
• Visiting Parliament: Watch committees

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