Tax Law Rewrite – 2009/10 plans
The Tax Law rewrite team have published their annual report and plans for 2009-10. The team aims to make tax legislation more readable and accessible to its target audience. Recently they were instrumental in a substantial rewrite of Corporation Tax legislation which resulted in the Corporation Tax Act 2009.
The main goals for 2009-10 are to introduce two bills to Parliament before the end of 2009. One of these is the second corporation tax bill which is designed to substantially complete the rewrite of Corporation Tax legislation. The bill deals with a wide range of topics including how to calculate the amount of profits for an accounting period ‘on which corporation tax is chargeable’, losses, gifts to charities and various other reliefs available to companies such as group relief, distributions, particular types of company and business, avoidance and definitions.
The second bill is designed to bring together a number of provisions dealing with international matters: double taxation relief (DTR), transfer pricing, advance pricing agreements and tax arbitrage into a bill entitled the Taxation (International and Other Provisions) Bill.