Budget 2010: Supplementary documents

Wednesday 24 March 2010

Supplementary documents published as part of Budget 2010.

• Budget illustrative tables
• Draft legislation
• Guidance/Technical notes
• Impact Assessments (IAs)
• Reports/Summaries of responses
• Statutory Instruments
• Other documents

Budget illustrative tables

• Budget illustrative tables 2010

Draft legislation

• Company Share Option Plans: Anti-avoidance
  Draft legislation effective from 24 March 2010 countering avoidance schemes targeting Company Share Option Plans that will appear in the Finance Bill, together with an Explanatory Note.
• Insurance Premium Tax (IPT) Premium Splitting
  This is an anti avoidance measure to close a loophole whereby insured individuals are charged amounts in connection with the taxable insurance contract under separate contracts solely to avoid IPT.
• Release of loans to participators in close companies
  Amendments to the corporation tax rules on loan relationships by providing that a close company is not entitled to a deduction for the release or writing off of a loan to a participator in that company.
• Sale of Lessor Companies - Option to Elect
  Further draft of legislation that will ensure that an election for an alternative treatment under the sale of lessor companies legislation operates fairly.
• Share Incentive Plans: Anti-avoidance
  Draft legislation effective from 24 March 2010 countering avoidance schemes targeting Share Incentive Plans that will appear in the Finance Bill, together with an Explanatory Note.

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Guidance/Technical notes

• Life Insurance Companies: Apportionment of Income and Gains: An anti-avoidance rule
  Technical note detailing proposed anti-avoidance rule which will apply when Life Insurance business is transferred between non-profit funds.
• Life Insurance - Deficiency relief
  Technical note explaining from 6 April 2010, Deficiency relief available under the chargeable event gain rules will be extended and will be available to reduce tax due on income subject to the additional and dividend additional rates of income tax.
• VAT: Postal services
  Technical note setting out the changes to the scope of the VAT exemption for postal services following the European Court of Justice's decision in TNT Post UK Ltd.

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Impact Assessments (IAs)

Final/Implementation stage

• Changes to the Tax-based Venture Capital Schemes and Enterprise Management Incentives
  Impact Assessment of changes to the Tax-based Venture Capital Schemes and Enterprise Management Incentives.
• Excise: Modernisation and Compliance Checks
  Impact Assessment of Excise: Modernisation and Compliance Checks.
• Extending Charity Tax Reliefs to Certain Organisations in Europe
  Impact Assessment of Extending charity tax reliefs to certain organisations in Europe.
• Implementation of restriction of Pensions Tax Relief
• Increasing the Climate Change Levy (CCL) reduced rate in order to comply with State Aid rules
• Landline Duty to help fund the rollout of Next Generation Access (NGA)
• Salary Sacrifice: Restricting the tax exemption for workplace canteens
  Restricting the tax exemption for workplace canteens.
• Strengthening and Revising the Disclosure of Tax Avoidance Schemes (DOTAS) regime
  Impact Assessment of Strengthening and Revising the Disclosure of Tax Avoidance Schemes (DOTAS) regime.
• Withdrawing the Furnished Holiday Letting rules
  Impact Assessment of Withdrawing the Furnished Holiday Letting rules.

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Reports/Summaries of responses

• Disclosure of Tax Avoidance Schemes (DOTAS): Consultation Response Document
  This document summarises the responses to the Consultation on a package of 5 measures to strengthen and improve the Disclosure of Tax Avoidance Schemes Regime. An associated implementation stage Impact Assessment has also been published.
• Excise: Modernisation and Compliance Checks: the next stage. Consultation Response Document
  A summary of responses to draft legislation updating the compliance checking framework for excise duties. A final Impact Assessment has been published alongside this document.
• Implementing a landline duty: consultation responses
  Following the 2009 Pre-Budget Report, the Government consulted on the draft legislation and impacts of the duty. This document summarises the responses received, and outlines the Government's response.
• Modernising Powers, Deterrents and Safeguards. Interest - working towards a harmonised regime. Meeting the obligations to file returns and pay tax on time. Consultation Response Document
  Summary of responses to draft legislation that will complete both the harmonised interest regime and complete the alignment of penalties for late filing of tax returns and late payment of tax.
• Modernising Powers, Deterrents and Safeguards. Tackling Offshore Tax Evasion. Consultation Response Document
  A summary of responses to the December 2009 consultation. The document also discusses larger penalties for taxpayers who fail to provide a full account of their offshore tax liabilities.

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Statutory Instruments

All budget related Statutory Instruments will be published on the Office of Public Sector Information (OPSI) website (Opens in a new window)

• Income Tax (Manufactured Overseas Dividends) (Amendment) Regulation 2010 261
• The Savings Gateway Commencement Order
• Tax Credits (Fixed Period Childcare Costs)
• The CGT (Annual Exempt Amount) Order 2010
• The Registered Pensions Schemes (Standard Lifetime Allowance and Annual Allowance) Order 2010
• Value of Landfill Communities Fund for 2010-11
• VAT Fuel Scale Charge
• VAT Thresholds

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Other documents

• Delivering a New Relationship with Business: Reducing burdens and helping businesses get it right
  Published at Budget 2010, this report gives an update on progress against the HMRC administrative burden reduction targets and provides updates on our other work to make the tax system easier for businesses to deal with.
• Financial Products Avoidance: Group Mismatches
  This document sets out the background to the Government's proposal to consult on principles-based legislation on group mismatch schemes and outlines some possible approaches to tackling the schemes - This document was replaced at 16.30pm on 24 March 2010.

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