The Chancellor of the Exchequer presented his Budget to Parliament on 22 June. From this page you can you can find further information about the updates on his announcements as they are published. Additional publications will also be available from the HM Treasury website (Opens new window).
HM Treasury have also published a tracker for all tax consultations (Opens new window) which commenced after June 2010.
On this page:
The Government has made an announcement today to tackle an aggressive tax avoidance scheme involving the leasing of plant or machinery that has been disclosed to HMRC. By acting immediately, the Government is seeking to protect the Exchequer and maintain fairness in the tax system. This announcement is in line with the draft Protocol for announcements outside of a fiscal event, published in a discussion document on 9 December 2010.
Written Ministerial Statement (PDF 22K)
Draft legislation and technical background (PDF 46K)
Tax Information and Impact Note-Preventing Avoidance - Plant and Machinery Leasing. (PDF 34K)
Under the transitional provisions contained in paragraph 63, part 6 of the draft Bank Levy Schedule (published on 9 December 2010 as part of the consultation draft of Finance Bill 2011) - HMRC invites relevant groups to nominate the entity that they wish to be 'the responsible member' for the purposes of the Bank Levy in respect of chargeable periods commencing before Finance Bill 2011 receives Royal Assent.
The Government published a discussion document on 30 November 2010, 'Options to meet high annual allowance charges from pension benefits' with responses invited by 7 January 2011. A summary of responses (Opens new window) to that discussion document was published today on the HM Treasury website, alongside a Written Ministerial Statement (Opens new window).
In addition, draft legislation, a draft explanatory note and a revised Tax Impact and Information Note have been published by HMRC.
Any revisions to the annual and lifetime allowance draft legislation published on 9 December 2010 as a result of the Finance Bill consultation responses will be reflected in the Finance Bill to be published on 31 March 2011.
The period of consultation on the draft Finance Bill 2011 legislation covering the Disguised Remuneration measure ended on 9 February 2011.
A number of main themes emerged from consultation responses and HM Revenue & Customs (HMRC) has published a series of Frequently Asked Questions and Answers (FAQs) (PDF 237K). These FAQs cover the main issues raised by consultation respondents and indicate areas where changes will be made to the draft legislation.
If you wish to comment on these FAQs, please do so by email to PA Harris
HMRC is working through other issues raised by consultation respondents regarding Disguised Remuneration and will publish an expanded set of FAQs covering the measure with the Finance Bill 2012, or earlier if possible. The revised FAQs (Version 2) (PDF 125K) was published alongside the Finance Bill on 31 March 2011.
Please also see the following documents published in December 2010.
Tax Information and Impact Note
The Chancellor has announced that the Government has decided, with effect from 1 March 2011, to change the Bank Levy rates for the 2011 calendar year from those set out in the draft Finance Bill published on 9 December 2010.
Read the HMRC statement and Chancellor's announcement (PDF 47K)
The Government announced that the Climate Change Levy (CCL) exemption for supplies of gas in Northern Ireland will be replaced with a lower rate from 1 April 2011. Draft legislation, a draft explanatory note and a Tax Information and Impact Note (TIIN) have been published. In addition a Revenue and Custom Brief 06/11 gives more information.
Climate Change Levy: Northern Ireland gas supplies (PDF 267K) (Opens new window)
Revenue & Customs Brief 06/11 - Climate Change Levy
Simplification review: capital gains rules for groups of companies: draft guidance
This document provides draft guidance to accompany the draft legislation and consultation response documents that were published on 9 December 2010.
Extra Statutory Concessions - fourth technical consultation on draft legislation
HMRC has today published its 4th consultation containing draft legislation for seven more extra Statutory Concessions (ESCs). The purpose of the consultation, which is technical in nature, is to ensure that the effect of the concessionary treatment has been successfully translated into the draft legislation.
Withdrawal of Extra Statutory Concessions (PDF 70K)
This document provides details of eight extra-statutory concessions that need to be withdrawn.
This brief reminds businesses of two VAT changes that will take place in January 2011. These are:
In the Coalition Agreement the Government pledged to explore the potential to give people greater flexibility in accessing part of their private pension fund early. This call for evidence document on early access to pension savings reflects the Government commitment to considering ways to boost individual saving, and foster a culture of personal responsibility over financial choices, particularly in encouraging saving for retirement.
A paper to call for evidence on early access has been published on 13 December 2010. For further information on Treasury Consultations (Opens new window) please see the HM Treasury website. Responses should be sent by 25th February 2011.
The Government has today published its response to the consultation on a new approach to tax policy making, the draft Finance Bill 2011 clauses and other tax updates.
A full list of all of the documents published by both HM Revenue and Customs and HM Treasury are available from the following links:
HM Revenue and Customs - full list of all documents
HM Treasury - Tax Updates (Opens in new window)
The Exchequer Secretary has announced in a written ministerial statement dated 6 December 2010 a number of measures to tackle tax avoidance.
Written ministerial statement (Opens new window) (PDF 71K)
In 2009 HMT and HMRC sponsored academic research into the likely effect on donations to charities of possible changes to the system of Gift Aid. Following publication, HM Treasury set up a small Gift Aid Forum of charity sector representatives and officials from a number of government departments to explore proposals for reform and simplification of Gift Aid. The Forum first met on 8 February 2010, then on 15 April, 10 June, 20 July, 9 September and finally on 30 November.
This letter from the Economic Secretary to the Treasury, Justine Greening, to Peter Fanning, Chief Executive of the Chartered Institute of Taxation, sets out her initial response to his report on the reform of Gift Aid on HM Treasury website (Opens in new window)
HM Revenue and Customs (HMRC) has issued a consultation document on improving PAYE by collecting Real Time Information.
The document seeks comments on collecting real time information. An associated consultation stage Impact Assessment has also been published. The consultation runs from 3rd December 2010 until 28 February 2011.
Following decisions announced at the June Budget and the release of retail and consumer prices data for September, the Government has today confirmed 2011-12 rates and thresholds for Income Tax, National Insurance contributions (NICs), and tax credits. The limit for Individual Savings Accounts (ISA) for 2011-12 has also been confirmed. The announcement was made in a Written Ministerial Statement with a separate document of the tables.
The Programme for Government outlined the intention to review alcohol taxation to tackle problem drinking without unfairly penalising responsible drinkers, pubs and important local industries. This intention was confirmed by the Chancellor in the June Budget and the Treasury held an informal consultation over the summer. A number of workshops and written submissions from industry, health and other groups have helped to inform the review.
Today the Government is providing further information about potential tax measures following the review, including the intention to introduce a new additional duty on beers over 7.5% abv in strength and a reduced rate of duty on beers at a strength of 2.8% abv or below. This is available on HM Treasury website (Opens new window). Draft legislation for Finance Bill 2011 was published on 9 December 2010.
The UK Government has introduced the Scotland Bill in Parliament to deliver on the commitment in the Programme for Government to strengthen and deepen the Scottish devolution settlement. The Scotland Bill proposes the devolution of power across a number of policy areas. Of these, the most far-reaching are the proposals to devolve a number of tax powers and to increase the financial accountability of the Scottish Parliament. This will give the Scottish Parliament and the Scottish Government greater scope to make policy decisions that reflect the needs of Scotland's economy and the will of Scotland's citizens. This is available on Scotland Office website (Opens new window)
The Government has published the document entitled 'Corporate Tax Reform: Delivering a More Competitive System'. This document shows how the Government will work with business to enhance UK tax competitiveness. It is designed to provide business with certainty over the Government's plans and support the recovery by giving business the confidence needed to invest in the UK.
The document collects a series of reforms into a single programme. By doing so, this will allow Government and business to examine the interactions between different elements in a coherent and systematic manner. The main elements are
More information and the document can be found on the Corporate Tax Reform pages on the HM Treasury website (Opens new window)
Draft legislation covering HM Revenue & Customs collection and management of the Bank Levy, along with explanatory notes and a revised version of the technical note, have been issued today. This follows the Written Ministerial Statement by the Financial Secretary to the Treasury on 21 October 2010 and updates the documents which were published alongside it.
9 December Update:
To accompany the publication on 9 December of Finance Bill
2011 draft clauses, a revised Explanatory note and Technical
Note have been published. They supersede the versions published
on 21 October and 24 November respectively.
The Government has announced in a written ministerial statement that it will publish the draft clauses planned for Finance Bill 2011 together with updates or formal responses on some consultations which have taken place over the summer /autumn on 9th December 2010.
Ahead of this, the Government will publish more details on Corporate Tax reform, including interim improvements to Controlled Foreign Company legislation and reform of Foreign Branches planned for inclusion in Finance Bill 2011. It will also publish the outcome of consultations that have been carried out on a number of anti-avoidance measures.
Written ministerial statement HMT website (Opens new window)
The Financial Secretary to the Treasury Mark Hoban announced on 26 October a new tax-free savings account for children. The Government intends that the new accounts will be available during autumn 2011.
HMT Press Notice (Opens new window)
HM Revenue & Customs has today published draft legislation, explanatory notes and a technical note relating to the Bank Levy, as announced in a written ministerial statement by the Financial Secretary to the Treasury.
9 December Update:
To accompany the publication on 9 December of Finance Bill
2011 draft clauses, a revised Explanatory note and Technical
Note have been published. They supersede the versions published
on 21 October and 24 November respectively.
Draft explanatory notes (PDF 45K)
Written ministerial statement, summary of responses and press notice (Opens new window)
The Government has announced changes to the annual allowance for tax relief on pensions. The annual allowance for tax relief on pension savings for individuals will be reduced from £255,000 to £50,000 from 6 April 2011. They have also announced that the lifetime allowance will be reduced from £1,800,000 to £1,500,000 from 6 April 2012.
Draft Legislation for Finance Bill 2011 and Explanatory Notes (PDF 708K)
Guidance Notes for Individuals
HM Treasury has published the Written Ministerial Statement (Opens new window) and the Summary of Responses to the Consultation (Opens new window)
Restriction of Pension Tax Relief Announcement (Opens new window)
Press Notice (Opens new window)
This Bill was introduced in the House of Commons on 14 October 2010
It includes two measures of draft legislation to enact.
The Chief Secretary to the Treasury, Danny Alexander, today announced the Government's intention to introduce a pilot scheme that will deliver a maximum of 5 pence per litre duty discount on petrol and diesel in the Inner and Outer Hebrides, the Northern Isles, and the Isles of Scilly. The Government is taking forward this action because of the high costs of transporting and distributing fuel to remote Scottish Islands and the Scilly Isles, the long distances and the lack of alternative transport options in these areas.
The Treasury will now take forward informal talks with the European Commission on implementation and design of the scheme with a view to submitting a formal application in due course. This was announced in the HM Treasury Press Notice 50/10 (Opens in new window)
