Budget Documents

All of the supporting documents issued as part of the Budget can accessed from this page.

Overview of Tax Legislation and Rates (OOTLAR)

Overview of Tax Legislation and Rates - sets out Budget 2011 tax measures as follows:

  • Chapter 1 provides detail on new tax changes announced in Budget 2011 which will be legislated in Finance Bill 2011 or will otherwise come into effect in the 2011-12 tax year.
  • Chapter 2 recaps and summarises previously announced tax changes that will be legislated in Finance Bill 2011 and sets out where changes have been made in response to consultation.
  • Chapter 3 provides detail of proposed tax changes announced in Budget 2011 to be legislated in Finance Bill 2012, other future finance bills, programme bills or secondary legislation.
  • Annex A includes all Tax Information and Impact Notes published at Budget 2011.
  • Annex B provides tables of tax rates and allowances for 2011-12.

Finance Bill 2011 will be published on 31 March 2011.

OOTLAR UPDATES

A few minor errors have been found in the document subsequent to publication although none of them have any immediate significance. For completeness you need to be aware;

  1. Annex A The TIIN for Loan Relationship and Derivative Contracts (Disregard) Regulations, has incorrectly appeared under Anti Avoidance. It should have been included under the Corporate Taxes section.
  2. Chapter 1 Paragraph 1.4 - Company Car Tax rate 2013-14. The published text reads - "Legislation will be introduced in Finance Bill 2011 to reduce the appropriate percentages"… This should read ….."to increase the appropriate percentages"
  3. Chapter 2 Paragraph 2.4 -VAT: change of treatment of business samples and VAT Zero-rating; splitting of supplies. Due to an administrative error, these 2 measures were missed from the list at paragraph 2.4. It is confirmed that both of them are proceeding as planned.
  4. Chapter 3 Paragraph 3.33 – Islamic Finance. The published text reads …… "formal consultation with industry.." This should read….. "informal consultation with industry" and not as published.
  5. Chapter 2 paragraph 2.8 Furnished holiday lettings. The Tax Information and Impact Note (TIIN) is not in Annex A of OOTLAR as indicated, but on page 23 of the Overview of Draft Legislation for Finance Bill 2011 which was published on 9 December 2010.
  6. Annex A The TIIN for Fuel Duty which appears under Indirect Taxes was updated and republished on 31 March 2011. Latest version (PDF 51K)
  7. Annex B Rates and Allowances Page 5 ..Working and Child Tax Credits (continued) Due to a formatting problem both columns of figures for April 2010 and April 2011, have been entered in the row above where they should have been shown. This has meant that the last of the four rows has now amounts shown at all. The correct figures are as follows:
Working and Child Tax Credits (continued)

£ per year (unless stated)

April 2010

April 2011

Child Tax Credit*

   

Family element

545

545

Child element

2,300

2,555

Disabled child element

2,715

2,800

Severely disabled child element

1,095

1,130

Others Documents

The following documents have been published on 23 March. Further documents including a substantial number of consultation documents will be published in the coming weeks and these will be listed in chronological order of publication on our Budget 23 March 2011 Updates page which can be accessed from the link in the left hand menu.

Draft legislation

Company ceasing to be a member of a group: availability of relief
On Budget Day 2011, the Government announced it was amending the degrouping charge legislation to counter avoidance. This document provides the draft legislation and explanatory notes.

Intangible Fixed Assets: Oil Licences
The Corporate Intangible Fixed Asset rules are to be amended, with effect from today 23 March 2011, to ensure they apply in the way that was intended when the legislation was originally introduced.

Preventing avoidance: Stamp Duty Land Tax
This package of measures to tackle the attempted avoidance of Stamp Duty Land Tax affects the sub-sales rules, the Alternative Finance reliefs and exchanges of land.

Sale of lessor companies - preventing avoidance
This document sets out proposed changes to the sale of lessor companies legislation which the Government has announced with immediate effect and which will be included in Finance Bill 2011. Draft legislation and an explanatory note are published today 23 March 2011.

Guidance and Technical notes

Solvency II and the Taxation of Insurance Companies
This document sets out decisions on the taxation of life insurance companies from 2013, and on the future of equalisation reserves for general insurance companies.

Other

Tackling Tax Avoidance (Opens new window)