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
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