Video:

The-consultation-process-and-timelines

Government legislation consultation

Author: Pamela Sayers, James Kirk (yBC.tv)

Categories: Tax Planning
Tags: 2014 Finance Bill, Autumn Statement, consultation, draft bill, government, legislation
Government legislation goes through a feedback process before it is put into action. In this TV show Pamela Sayers of Smith & Williamson discusses the consultation process and timelines for the 2014 Finance Bill.

Government legislation consultation: Finance Bill

There was the announcement in the budget last March that the Revenue were going to issue this consultation document, which they duly did two months later in May 2013, and that consultation received many representations from over 100 people, from professions, like ourselves, law firms, other organisations, and then those representations were made by the beginning of August and then we heard nothing more until the Autumn Statement on 5th December. And what we have now is some draft legislation for the 2014 Finance Bill, together with some guidance, some final consultation document, which is so significantly different to the original consultation. So the position we’re in now is there has been very little time, in fact just less than three months, for partnerships to put their affairs in a way so that they’re not going to be affected significantly by the new, quite strict proposals effective from 6th April 2014.

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