Autumn Finance Bill – Informal Consultation
Draft legislation and an informal consultation has been published on 32 separate technical tax measures which the coalition Government inherited from the previous government. The tax measures are to be legislated for in Finance (No2) Bill 2010 which is expected to be introduced to Parliament in the autumn.
The Government is inviting comments by 3 September on whether the draft legislation now published will work as intended. They are not seeking comments on the policy behind the measures.
The draft legislation relates to the following measures:
- Aggregates levy extension of northern ireland transitional tax credit
- Asbestos compensation settlements
- Capital gains tax private residence relief adult placement carers
- Collection of income tax where sum deducted by payer
- Company distributions
- Consortium claims for group relief
- Enterprise management incentives
- Excise duties compliance checks
- Film tax credit – unused losses
- Financing costs and income of group companies
- First-year allowances for zero-emission goods vehicles
- Insurance business transfer schemes – non-profit fund transferred assets
- Interest corporation tax and petroleum revenue tax
- Landfill tax criteria for determining material to be subject to lower rate
- Long cigarettes
- Non-business use of business assets etc.
- Payments to special guardians and those in receipt of residence orders
- Penalties for failure to make returns etc.
- Penalty for failure to make payments on time
- Pension scheme under section 67 of pensions act 2008
- Postal services etc.
- Qualifying care relief
- Qualifying care relief – capital allowances
- R&D relief for SMEs – removal of intellectual property condition
- Real estate investment trusts – stock dividends
- Recovery of overpaid tax stamp duty land tax and petroleum revenue tax
- Reinvestment of ring fence assets – acquisition by member of group
- Seafarers’ earnings
- Settlor to return excess repayment to trustees etc.
- Supplies of aircraft etc.
- Supplies of gas, heat or cooling
- Venture capital schemes