Finance Bill 2011 published
The Government has published 532 pages of draft legislation for potential inclusion in the Finance Bill 2011.
Much of the Bill was published in draft, back in July when the Government launched an informal consultation on 32 separate technical tax measures. These had all been inherited fromthe previous government. Since then the Chancellor has not presented a further Budget or Pre-Budget Report so there are no real surprises in the Finance Bill.
As promised in the ‘new approach to tax policy making’ document that was published in the summer, the draft Finance Bill is now open for a 2 month consultation process.
The Bill includes the following key issues:
- Pensions tax – tax relief restricted by new annual and lifetime allowance levels
- Personal tax – changes to furnished holiday lettings rules and employer-supported childcare
- Corporation tax – reductions for Annual Investment Allowance and writing-down allowances; plus foreign branch taxation and interim CFC reforms
- Indirect tax – samples to be VAT free following EMI victory at ECJ
- Anti-avoidance – crackdowns on trust arrangements especially those involving Employee Benefit trusts and EFRBS.
And a whole lot more.