CIOT submits comments to HMRC on Making Tax Digital legislation
Released 13 November 2017
Implementing MTD by secondary legislation and giving HMRC extremely wide powers to make provisions without any scrutiny at all is completely inappropriate, says CIOT.
The CIOT has published comments sent to HMRC on the Making Tax Digital: legislation overview and the Proposed secondary and tertiary legislation on Income Tax and VAT affecting Making Tax Digital for businesses documents, both published on 13 September 2017. The CIOT considers that the requirements as set out in Annex 1 of the overview document for “electronic record-keeping requirements”, and in particular the level of data to be recorded for supplies made and received, is significantly more than businesses are currently required to record and will result in additional costs and complexity. The CIOT is recommending that these requirements are relaxed. On the propose secondary legislation, the CIOT has expressed its view that the amount of legislation that is being delegated to secondary legislation is unprecedented and completely inappropriate for legislation that is going to bring in the most fundamental changes to the tax system in decades.
View and/or download the submissions at: