The Chancellor of the Exchequer presented his Budget to Parliament at 12.30pm on Wednesday 21 March.
All of the published Budget documents and supporting information are available through the links on our Budget 2012 page, following the Chancellor's statement. Publications relating to the Budget are also available from the HM Treasury website (Opens new window).
Updates and further information on Budget proposals, including consultations, will be made available on this page. This includes links to Finance Bill 2012 and its supporting documents which were published on Thursday 29 March 2012.
On this page:
On 18 December 2012, HM Revenue & Customs (HMRC) published a summary of responses to the consultation seeking views on the implementation of UK-US FATCA Agreement in the UK. They also published draft regulations and draft guidance.
Following the publication of the final FATCA regulations by the US Treasury and Internal Revenue Service on 17 January 2013, HMRC has extended the consultation period on the draft regulations and guidance - to give you more time to consider the US regulations. Please send any comments to FATCA consultation by 28 February 2013.
Summary of responses: Implementing the UK-US FATCA Agreement
Implementing the UK-US FATCA Agreement: FAQ's about data protection (PDF 18K)
Read the draft regulations (PDF 1.5MB)
Find the draft guidance (PDF 281K)
HMRC has published legislation for inclusion in the 2013 Finance Bill that will introduce targeted anti-avoidance rules to the Income Tax and Corporation Tax provisions prohibiting and allowing deductions from the profits of trade and property businesses. HMRC has also published an explanatory note on the legislation and a Tax Information and Impact Note (TIIN).
Read the legislation (PDF 135K)
Read the explanatory note (PDF
14K)
Find the TIIN (PDF 41K)
Finance
Bill 2013 - Draft Clauses - 11 December
The draft clauses will be published on 11 December and will be open for
consultation until 6 February 2013.
Autumn Statement - 5 December
2012
The Autumn Statement 2012 will be made by the Chancellor of the Exchequer,
George Osborne, on Wednesday 5 December at 12.30pm.
The Gift Aid Small Donations
Scheme: The Small Charitable Donations Bill - draft legislation
HMRC has published draft regulations for comments by 5 December 2012.
The latest guidance about the scheme which was legislated in Finance Act 2012 published on 17 July 2012.
The Finance Bill 2012 has now received Royal Assent and became Finance Act 2012 on 17 July. You will be able to open the document once it has been published on the UK Legislation website (Opens new window).
The Government has announced a change in legislation to protect public finances and prevent tax avoidance. This follows a decision of the Court Justice of the EU which affects the way in which the UK treats certain face value vouchers for VAT. It is the Government's intention to introduce legislation as part of the Finance Bill 2012 that will have effect from 10 May 2012. The following documents have been published today;
The consultation period for VAT: addressing borderline anomalies (PDF 294K) has been extended to 18 May 2012.
A joint HMRC/HM Treasury Budget update note (PDF 126K)(Opens new window) has been published ahead of the consultation which will take place in the summer. This update provides more detail about the proposed cap, the policy objective ,which reliefs are included or excluded and how the cap will work.
Finance Bill 2012 was published on 29 March.
The Bill is available on the Parliament website (Opens new window)
The Explanatory notes and Lobby notes are available on the HM Treasury website (Opens new window)
The changes being introduced from 6 April 2012 and which are included in the new guidance are:
New QROPS guidance has been published (PDF 129K)
Budget 2012 announced that, subject to State aid approval, the Government will reform the EMI scheme in Finance Bill 2013 to allow gains made on shares acquired through exercising EMI options on or after 6 April 2012 to be eligible for capital gains tax entrepreneurs' relief. This note gives further information on the proposed changes.
This Technical Note accompanies the clauses in the Finance Bill 2012 published today, 29 March 2012, and the associated Explanatory Notes. It updates the Technical Note that was published on 6 December 2011 with draft Finance Bill clauses.
The aim of this Technical Note is to
The Patent Box: Technical Note and Guide to the Finance Bill 2012 clauses (PDF 376K)
This consultation invites comments from all charities and CASCs that make claims under Gift Aid and receive small donations of cash, particularly smaller charities, and their agents, advisers, nominees and representative bodies.
Consultation for The Gift Aid Small Donations Scheme
A consultation on proposals for introducing a voluntary simplified cash basis for Income Tax and simplified arrangements for certain expenses has been published today The proposals are relevant to individuals carrying on a trade or profession as a self-employed sole trader, or in partnership with other individuals. HMRC wishes to consult on the proposed design of the cash basis and simplified expenses.
The consultation closes on 22 June 2012.
Consultation on Simpler Income Tax for the Simplest Small Businesses
This consultation outlines legislative options intended to reduce the scale of alcohol fraud. Businesses and individuals may influence policy design, and help inform decisions on the introduction of new legislation by commenting on potential impacts and benefits for the legitimate alcohol trade.
The consultation is from 26 March to 25 June 2012 inclusive.
