‘deemed releases’ of loan relationships. Legislation will be introduced in Finance Bill 2012 to amend legislation in the Corporation Tax Act 2009 with effect from 27 February 2012, and make retrospective provision countering particular arrangements between 1 December 2011 and 27 February 2012. The draft legislation, explanatory note and Tax Information and Impact Note are published below. Loan relationships: debts becoming held by connected company Written Ministerial Statement on loan relationships Technical note and Statutory Instrument The Government has announced that it will introduce further legislation in Finance Bill 2012, effective from 22 February 2012, in connection with employer asset-backed pension contributions. The draft legislation, explanatory note and Tax Information and Impact Note are published below. Employer Asset-backed Pension Contributions Written Ministerial Statement on Asset-backed Pension Contributions
For full details visit HMRC's website
Tax Consultation Framework
PUBLICATION OF THE FINANCE BILL AND NEW TAX CONSULTATION FRAMEWORK
6 April 2011 The government has published the Finance (No. 3) Bill which will enact tax measures announced in last week’s Budget and in the June 2010 Budget. The Bill includes a number of measures which will help to promote growth and fairness: · Increasing the income tax personal allowance by £1,000; · cutting fuel duty rates by 1p; · cutting corporation tax rates to 26% this year and 25% in 2012. The government confirmed its commitment to a new approach to tax policy making in December 2010 and the Finance Bill is the first to reflect the principles set out in the document, Tax policy making: a new approach. In line with the government’s commitment to restoring the UK tax system’s reputation for predictability, and improving scrutiny, draft legislation for 50 out of 91 of the Bill’s clauses was published for consultation. Over 250 substantive responses were received and considered. The Government has also published its final Tax Consultation Framework , which was published in draft in December 2010. This has been revised to reflect comments received from interested parties. A Summary of Responses on the consultation of the Framework that took place between 9 December 2010 and 23 February 2011 has also been published. To help interested parties manage their engagement with the Government on future consultations, the Government is also updating its Tax Consultation Tracker . This sets out in one place the Government’s planned consultations on tax issues, including specific anticipated launch dates wherever possible. Follow this link for the full press release
CIPP Policy News Journal
09/10/2012, Page 232 of 234
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