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One impact of the government’s decision to call an early General Election in June is that large swathes of the proposed legislation in the Budget has been dropped from the Finance Bill to enable the core measures to be passed yesterday. This included the provisions for Making Tax Digital.
Whilst many of the dropped measures, such as the reduction in the Dividend Allowance, are likely to be reinstated after the General Election, the future of Making Tax Digital is less certain.
Treasury Minister, Jane Ellison, stated that the decision to drop Making Tax Digital was made “in light of the pressures on time”.
As there are only a matter of weeks between the General Election and the summer recess and with the government committed to allow the time for a proper consideration of the measure, it seems inconceivable that the Making Tax Digital legislation could return before the Autumn Budget at the earliest.
However, the publication of the letter from Robert Chote, Chairman of the Office for Budget Responsibility, to the Rt Hon Andrew Tyrie MP, Chairman of the Treasury Select Committee, that stated the OBR had given HMRC revenue estimates “a ‘high’ uncertainty ranking”, casts doubt on the future of the project as a whole.
At CooperFaure, we will be monitoring the situation to keep our clients informed. However, if you have any questions or concerns, please email us at firstname.lastname@example.org.
If you would like to read Robert Chote’s letter in full, please click here.
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