Reform on tax rules for contractors, announced as part of the Autumn Statement 2016 following the growth of the contractor market, could risk tax revenues says Bill Dodwell, partner and head of tax policy at Deloitte
In spring 2016, the Chartered Institute of Taxation, the Institute for Government and the Institute for Fiscal Studies decided to look at the UK’s tax policy making process. The first output from the three bodies, last September, was an open letter to the new Chancellor, Philip Hammond, which put forward five overarching recommendations: extend clear guiding principles and priorities; extend the roadmap approach, start consultation at an earlier stage, prepare the ground for future policy change and return to a single fiscal event.
How does the Autumn Statement match up? Naturally, the first point that jumps out is the Chancellor’s announcement that he will indeed return to a single fiscal event. There has to be a transition – no country could go without tax changes for more than a year – so we shall see two Budgets in 2017 as we move to an Autumn Budget.
The
