An update on consultations
On Budget Day 21 March 2012 the Government announced a number of consultations which were to be carried out throughout the summer with a view to draft clauses being published in December 2012 and then included in Finance Bill 2013.
Tax Faculty has produced its own Consultation Tracker to monitor progress; which we first published in April and which is now being updated (August 2012)
These consultations follow the format of the Government’s Tax Consultation Framework published in March 2011 under which there are five stages to the development and implementation of tax policy.
Stage 1 Setting out objectives and identifying options.
Stage 2 Determining the best option and developing a framework for implementation including detailed policy design.
Stage 3 Drafting legislation to effect the proposed change.
Stage 4 Implementing and monitoring the change.
Stage 5 Reviewing and evaluating the change.
The consultations are generally at Stages 1 and 2, although in some cases they are at Stage 3, and all should have reached Stage 3 by December when draft legislation will be published for further comment.
We have included in column 2 of the Table the person at ICAEW Tax Faculty who is principally responsible for our response to the particular consultation and please get in touch with them if you have any comments.
There is also a Consultation Tracker on the HM Treasury website.