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Freelancers will see predictability in tax policy changes

freelancesupermarket.com newsroom

RSS 11 December 2010
Freelancers will be pleased to hear that the government has unveiled its new approach to tax policy which aims to provide clarity and predictability in the way policy changes are made.

This is contrary to recent claims that new anti-avoidance measures could cause uncertainty.

Following the most recent consultation, the Treasury has published new documents detailing how it intends to develop and implement future changes to tax legislation.

The coalition aims to reduce the amount and frequency of tax code changes as well as providing greater predictability and transparency when planning tax reforms.

Advance notice will be given of any key dates in tax policy development and as part of this, the Chancellor has confirmed that the 2011 Budget will take place on March 23rd and the Finance Bill published on March 31st.

Five concrete improvements have now been set out by the government. In addition to taking a tough stance against tax avoidance, the coalition will explain clearly why a tax change is being proposed, what the change is and what the expected impact will be. This will be done via Tax information and Impact Notes and the first of these have already been published along with the draft clauses of the Finance Bill 2011.

When it comes to major areas of tax reform, the government says it will lay down its policy objectives, along with a rationale for the reform, on similar lines to its approach to the Corporate Tax Road Map.

The government also plans to develop new tax policy over a longer period of time. Tax measures announced in a Budget will generally be included in the following year's Finance Bill at the earliest. Further consultations are planned to help the government reinforce its new approach.

© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.
Image: Schroon Lake Relaxation by Adam Belles

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