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A view of the tenth and last Finance Bill debate sitting
KEY POINTS
- New VAT rules for digital businesses.
- Follower notices aimed at encouraging taxpayers to settle.
- Impact of accelerated payment notices.
- Conduct notices for promoters of avoidance schemes.
The tenth sitting of the public bill committee took place on 10 June and members managed to canter through nearly 20 clauses and three schedules in less than two and a quarter hours.
Most of the time was spent on measures relating to excise duties tobacco products duty and the climate change levy but first the committee discussed clause 69 “Transfer pricing: restriction on claims for compensation adjustments”.
Shabana Mahmood (Labour) said transfer pricing was an “integral part of ensuring fairness in the tax system”.
She explained that the measure would restrict compensating adjustments being made to reduce income tax. She supported the clause but...
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