Regulation  

Tyrie airs concerns about tax overhaul plans

Tyrie airs concerns about tax overhaul plans

The chairman of the Treasury select committee has urged the financial secretary to HM Treasury to provide more information on digital tax accounts due to concerns over new quarterly tax return rule.

In a letter to MP David Gauke, Andrew Tyrie raised concerns about ‘quarterly tax returns’ gathering pace after the Autumn Statement.

He said “understandably” there has been a lot of concern about so-called quarterly tax returns.

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“Without a good deal more information, and clarity about information that has already been provided, those concerns will grow.

“So I’ve written to the financial secretary to the Treasury asking him for it as soon as possible.”

Consultation is taking place now and implementation of the new measure will take place between 2018 and 2020.

However, given the greater scope that has developed over the last five years for consultation on tax policy, Mr Tyrie argued this is the sort of detail that might better have been provided before the Autumn Statement.

Chancellor George Osborne unveiled his plans to overhaul the tax system in November.

katherine.denham@ft.com