Tuesday, June 22, 2010

Huge change in approach means we'll get 3 Finance Acts in 2010

The first (truncated) 2010 Finance Act was rushed through just before the House rose for the General Election.

The Budget Red Book notes at para 2.118 that a new Finance Bill will be published very shortly "to ensure swift Royal Assent for its key priorities". This will result in the Finance (No 2) Act 2010.

We are also promised a further Finance Bill in the autumn. This will be published in draft for comment in July. This is in accordance with the proposed new convention whereby the majority of tax changes are initially published in draft for consultation three months before formal publication (para 2.11 of Tax policy making: a new approach).

This third bill will then become Finance (No 3) Act 2010.

I'm telling you - the proposals for a New approach to Tax Policy Making are ambitious and very welcome. It seems clear that the professional bodies have got their points across effectively to the both the Tories and the LibDems in recent years. The last Government's approach to Tax Policy making on the hoof and the evidently rushed and botched legislation that ensued was a disgrace. These new proposals, if carried through, will set a new standard and help improve our creaking tax system.


  1. Some common sense by those in power at last!

  2. The tax publishers aren't going to be happy about 3 Finance Acts in one year

  3. The tax publishers are going to be very happy!!! I had CCH on the phone to me before the second Budget trying to sell me more Hardman's tax tables this despite the fact that the first edition was delivered a week before the Budget. Suggested to them that secondary editions always provided free of charge in the past and would be expected again!!