From this page you can access all of the documents published on Budget Day.
The following documents have been published on 21 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 21 March 2012 Updates page which can be accessed from the link in the left hand menu.
On this page:
Life Insurance - earlier gains avoidance
This measure is intended to address income tax avoidance under the special rules for taxing gains from life insurance policies - the chargeable event gain regime.
New Corporate Tax Regime for Life Insurance Companies; Transitional Targeted Anti-Avoidance Rule
Legislation will be introduced in Finance Bill 2012 to establish a new regime for the taxation of life insurance companies and Friendly Societies. This measure will be effective from 1 January 2013.
Plant or machinery leasing - avoidance
Legislation will be introduced in Finance Bill 2012 to ensure that the total amount of capital allowances received by lessees under long funding leases for the period of the lease will equal their net "capital" expenditure under that lease.
Sale of lessor companies - protecting revenue
Legislation will be introduced in Finance Bill 2012 to make changes to the sale of lessor company provisions to maintain the effectiveness of the legislation in protecting revenues.
Inheritance tax-interest in offshore trusts
Legislation will be introduced in Finance Bill 2012 to amend the excluded and settled property provisions in order to close an avoidance scheme involving interests in offshore trusts by UK domiciled individuals.
Inheritance tax-corporate settlor interested trusts
Legislation will be introduced in Finance Bill 2012 to amend the settlements legislation in order to close an avoidance scheme involving corporate settlors.
SDLT Avoidance - Subsale avoidance schemes
Legislation will be introduced in Finance Bill 2012 to put beyond doubt that a SDLT avoidance scheme that abuses the subsales rules does not work.
Site Restoration Payments
Legislation will be introduced in Finance Bill 2012 to counter avoidance involving site restoration payments. This will prevent a deduction being given where a payment is made where there are tax avoidance arrangements.
VAT: anti avoidance provisions relating to liability changes to supplies of self storage facilities and approved
alterations to listed buildings
Anti-forestalling legislation will apply from 21 March 2012 to ensure that supplies with a basic time of supply after the VAT liability change takes effect on 1 October 2012 will be subject to the new VAT liability.
Life Insurance - qualifying policies
Policies issued on or after 6 April 2013 will only be Qualifying Policies where the premiums payable for an individual into a policy or policies do not exceed £3,600 each year.
Employer Asset Backed Pension Contributions - Technical Note
Further changes to the previously published legislation and structured finance legislation have now been announced at Budget which take effect from 21 March 2012.
Changes to the use of red diesel in private pleasure craft
The Revenue and Customs Brief 09/12 Excise duty: Changes to use of red diesel in private pleasure craft, reflects the latest position following consultation on draft legislation.
Making tax easier, quicker and simpler for small business
This document sets out how the government and HMRC are making the tax system easier for small businesses to understand and simpler to deal with. It responds to the Office of Tax Simplification’s recent report on small business taxation, and sets out proposed changes to the tax rules and a number of HMRC initiatives that will make the tax system easier, quicker and simpler for SMEs.
Pensions - Overseas transfers of UK pension savings
Changes in primary legislation will be introduced in Finance Bill 2013 to strengthen reporting requirements and powers of exclusion relating to the QROPS regime. They will support the changes in secondary legislation published for consultation on 6 December 2011.
Seed Enterprise Investment Scheme
This guidance provides an overview of SEIS. It does not cover all the rules in full detail, and companies and investors should seek further advice from HMRC's Small Companies Enterprise Centre or from a professional adviser, if in doubt.
The Exchequer effect of the 50 per cent additional rate of income tax
This report provides the first comprehensive ex-post assessment of the additional rate yield using a range of evidence including the 2010-11 Self Assessment returns.
VAT - addressing borderline anomalies - consultation
This consultation which now ends on 18 May 2012 is on the draft secondary legislation to simplify the VAT rules.
The following SIs will be published on the Legislation UK website (Opens new window) on 21 March 2012.