Tax Law Rewrite - Draft Legislation

The Tax Law Rewrite project has published the first Corporation Tax Bill (Bill 5) for a final round of public consultation. The consultation period ended on 23 May 2008.

Use these links to get to the:

• Draft Bill without origins (PDF 6MB)
• Draft Bill with origins shown (PDF 5.2MB)
• Draft Explanatory Notes (Commentary) (PDF 4.16MB)
• Draft Explanatory Notes (Annexes and Appendices) (PDF 676K)
• Tables of origins and destinations (PDF 517K).

The Draft Bill contains rewritten legislation for the following:

• the basic corporation provisions including the charge to tax, accounting periods and provisions relating to company residence;
• provisions relating to trading and property income and income from other sources;
• special provisions for companies affecting the computation of income, such as those for loan relationships, derivative contracts and intangibles; and
• provisions governing particular types of expenditure, for example, expenditure on research and development and films.

It is proposed to publish the second and final draft Corporation Tax Bill (Bill 6) in February 2009.

The most recent draft legislation is shown above. Earlier draft legislation is held in Archive.

The consultation stage impact assessment for this draft Bill is available.