In this section:
On 6 December 2011, the Government published draft Finance Bill 2012 clauses and other tax updates. Additional publications are available on the HM Treasury website (Opens new window).
On this page:
These include announcements made on both 29 November and 6 December 2011.
The Government is publishing the draft clauses for legislation to be included in Finance Bill 2012. and alongside this it is also publishing responses to some of the consultations which have been taking place over the summer. This fulfils the objective to confirm the majority of intended tax changes at least three months ahead of publication. The draft clauses will be open to consultation until 10 February 2012 (PDF 1.6MB).
The Government has announced the following measures which will be legislated in Finance Bill 2012 and which are effective from today, 6th December 2011.
The Government has today announced in a Written Ministerial Statement that regulations have been laid to put beyond doubt that companies can only defer foreign exchange gains and losses under the Loan Relationship & Derivative Contract - (Disregard and Bringing into Account of Profits and Losses) -Regulations 200, from the date that they have a foreign currency loan relationship or derivative contract which is matched with shares, ships or aircraft.
The Regulations will apply to shares, ships or aircraft which are matched on or after 6 December 2011. The changes block a disclosed avoidance scheme.
The Government is introducing a preferential regime for profits arising from patents, known as a Patent Box. This will allow companies to apply a 10% corporation tax rate to profits attributed to patents and certain other qualifying intellectual property from 1 April 2013.
Following extensive consultation, which included publication of consultation documents in November 2010 and June 2011, legislation for the Patent Box will be introduced in Finance Bill 2012.
The following documents for the Patent Box are published today 6 December 2011:
Any responses on the draft legislation, consultation response document and the technical note are welcomed by 10 February 2012 and should be sent by e mail to:
Following the announcement at Budget 2011 and consultation over the summer, legislation was published at the Autumn Statement on 29 November 2011 to make changes to the tax rules with immediate effect to ensure no excessive relief can arise for new asset-backed pension contribution arrangements.
The Government has announced that it has published for consultation draft secondary legislation to make changes to the system for transfers of pension savings to qualifying recognised overseas pension schemes (QROPS) together with a draft explanatory memorandum. A Tax Information and Impact Note (TIIN),and HMRC policy statement which set out the purpose of the QROPS regime have been published today.
The draft legislation revises the conditions a scheme has to meet to be a QROPS and strengthens the information and reporting requirements. The purpose of the consultation is to take views on whether these changes have been successfully reflected in the draft legislation. The consultation ends on 31 January 2012.
The Government has announced that it has published for consultation draft secondary legislation to enable individuals to access savings held in small personal pension schemes i.e. £2,000 or less, by way of lump sum payment (commutation). The purpose of the consultation is to take views on whether the proposed changes have been successfully reflected in the draft legislation. The consultation ends on 31 January 2012.
The Government has published further details on non-domicile taxation and the statutory residence test.
HM Revenue and Customs has today published the responses to the consultations on the relationship between the tax agent community and HMRC.
As announced at Budget 2011, and following consultation over the summer, legislation will be included in Finance Bill 2012 to abolish the following provisions commencing in April 2013
The Government has also announced the withdrawal of five extra statutory concessions and a consultation on supplementary legislation for two concessions. The withdrawals will have effect from the beginning of the 2013/14 tax year.
Three Written Ministerial Statements have been laid in Parliament at 10.30 am on 6 December 2011
This document contains an overview of every measure (PDF 1.6MB) which has draft legislation for Finance Bill 2012 published today, together with the relevant Tax Information and Impact Notes (TIINs).
Individual TIINs are available from the menu below.
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.
This contains draft clauses and explanatory notes to be included in Finance Bill 2012. The draft Finance Bill is due to be published after Spring Budget 2012.
This also contains the draft Statutory Instruments and explanatory memoranda for the abolition of the following OTS reliefs: NICs exemption for certain apprentices and students coming to the UK, certain payments to mariners to be disregarded for Class 1 NICs, Class 1A NICs: exemption for prescribed general earnings, Cycle to Work Days: provision of meals - exemption from income tax and Luncheon Vouchers - exemption from NICs.
These have been grouped together by reference to business stream rather than type.