Protocol for retrospective legislation
The Government has announced a new protocol on changes to the tax law. Retrospective changes, if not announced in the Budget, will only be introduced where:
- there is a significant risk to the Exchequer; and
- significant new information has emerged to identify this risk or indicate its scale; and
- an immediate change in the law is expected to prevent significant losses to the Exchequer.
A change in HMRC interpretation of the law, which has not been prompted by a court ruling, will not be regarded as ‘significant new information’.
I am not sure this is reassuring in terms of certainty!
Date: 6th June, 2012
Articles from this Author
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
Mercer & Hole’s Robert Jamieson wins a Lifetime Achievement Award at the Tolley’s Taxation Awards 2018… twitter.com/i/web/status/9…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole