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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
Author: Cathy Corns

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