On 9 December 2010, the government published its response to the consultation on a new approach to tax policy making, draft Finance Bill 2011 clauses and other tax updates. Additional publications will also be available from the HM Treasury website (Opens new window)
On this page:
The TIINs set out for each measure what the new legislation seeks to achieve, why the Government is undertaking the change and a summary of the expected impacts of the change. In addition these documents include the draft legislation and explanatory notes for each measure.
Tax Information and Impact Notes (TIINs)
This document contains draft clauses and explanatory notes to be included in Finance Bill 2011. The draft Finance Bill is due to be published on 31 March 2011.
Draft clauses and explanatory notes
Legislation was published on 6 December 2010 to address schemes which attempt to circumvent current legislation on Loan relationships involving connected debtor or creditor where debits exceed credits.
Simplification review: capital gains rules for groups of companies: draft guidance
This document published on 24 January 2011 provides draft guidance to accompany the draft legislation and consultation response documents
that were published on 9 December 2010.
Reform of the Stamp Duty Reserve Tax regime for collective investment schemes - draft guidance
This is draft guidance for a change to the Stamp Duty Reserve Tax regime for collective investment schemes
Pensions: Reduction of the lifetime allowance: draft guidance
This document provides draft guidance to accompany the draft legislation on the reduction to the lifetime allowance that was published on 9 December
2010. The government announced on 14 October 2010 that it would restrict pensions tax relief by way of reducing the annual and lifetime allowances.
The lifetime allowance will reduce from £1.8 million to £1.5 million from 6 April 2012.
Bank Levy Technical Note – updated version 9 December 2010 (PDF 101K)
Foreign Branch Reform
In the week commencing 13 December 2010 the government will publish a short technical note on the HM Treasury foreign branches webpage. This will provide additional information not within the scope of the explanatory note, including detail on the relation between the draft legislation and the OECD Model Tax Convention and matters not covered in the draft legislation. The note includes several questions for interested parties.
Security for PAYE and National Insurance contributions
This consultation seeks views on requiring cash and assets as security, with a criminal sanction for non-compliance, where there is a serious
risk of failure to pay PAYE and/or National Insurance contributions.
Data gathering powers
This consultation seeks views on proposals to modernise HM Revenue & Customs powers to gather data from particular groups of data-holders.
Tax policy making - draft tax consultation framework
The government invites comments on its draft tax consultation framework. This was developed in discussion with interested parties over the summer
of 2010 following the publication of 'Tax policy making: a new approach' in the June 2010 Budget. This is one of three documents published on
9 December 2010 in respect of tax policy making. Follow the links below to view the other two documents.
Tax policy making - draft protocol on announcements outside scheduled fiscal events
The
new approach to tax policy making - a response to the consultation (Opens new window)
Consultation on the modernisation of the tax and company law rules for investment trust companies - summary of responses
A summary of responses received to the consultation document of 27 July 2010, together with the government's response was published on 9 December
2010. This measure was announced in the June 2010 Budget.
Furnished holiday lettings consultation - summary of responses (Opens new window)
Government response to the consultation on a gross profits tax on gaming machines (Opens new window)
The
new approach to tax policy making - a response to the consultation (Opens new window)
This is one of three documents published on 9 December 2010 in respect of tax policy making. See also Tax policy
making - draft tax consultation framework and Tax policy making - draft protocol on announcements outside scheduled fiscal events.
Tax policy making - draft protocol on announcements outside scheduled fiscal events
This document invites comments on the government's draft protocol for making announcements of legislative change outside the Budget or scheduled
fiscal events. See also Tax policy making - draft tax consultation framework and
The new approach to tax policy making - a response to the consultation (Opens new window)
Small profits rate - associated companies
Draft secondary legislation and guidance that accompany amendment of rules governing which companies are associated for the purposes of access
to small companies' rate of Corporation Tax and Marginal Small Companies Relief.
