The Finance Bill 2017 was to be the largest at 762 pages but in order to rush it though it was cut to 148 pages!
That’s an 80% reduction dropping 72 out of the 135 clauses and 18 out of 29 schedules.
One of the items dropped was Making Tax Digital (MTD).
But its widely expected that following the general election there will be another bill to bring in all the items that were dropped.
Our tax system is already far too complex:
- 6,102 pages of legislation (according to Tolleys in 2012)
- 639 monetary values
- 425 thresholds
- 214 penalties
Its a shame they couldn’t cut all the tax rules by 80%!