A Finance Bill sub-committee (FBSC) has been set up to handle the inquiry and has set a deadline for written submissions of Friday 29 January 2016. There will then be oral evidence sessions, and the FBSC will publish its report prior to the Budget on 16 March 2016.

The FBSC will concentrate on three topics. The first is the reforms to taxation of savings and dividends including measures to introduce a new Personal Savings Allowance and end the deduction of tax from interest at source.

In relation to dividends the measures include the abolition of dividend tax credits and the introduction of new dividend tax rates.  The FBSC invites evidence on the specifics of these draft provisions and their potential impact.

The second area for review concerns the introduction of simple assessments, whereby HMRC is given a new power to assess an individual’s tax liability, without a tax return being submitted, using information it already holds (whether received from the individual or a third party).  The FBSC invites evidence on the proposed administration of simple assessments and their impact on tax payers.

Thirdly, the FBSC will look at the measure to establish a permanent Office of Tax Simplification and defines its functions in statute. The FBSC invites evidence on the impact of these clauses and the extent to which they are likely to promote the future development of a simple, transparent personal tax system.

Lord Hollick will chair the FBSC, which is made up of nine members of the economic affairs committee.

Details are here

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