Tax law rewrite
The Corporation Tax Bill and the Taxation (International and Other Provisions) Bill were introduced in Parliament by the Financial Secretary to the Treasury on 19 November 2009.
- The Corporation Tax Bill substantially completes the rewrite of the corporation tax code. It includes provisions relating to losses and gifts to charities, group relief, distributions and avoidance.
- The Taxation (International and Other Provisions) Bill includes provisions relating to double tax relief, transfer pricing, advance pricing agreements and tax arbitrage. It also relocates and where appropriate rewrites some provisions to make them more accessible.
It is expected that these last two major pieces of work of the rewrite project will become law in the spring of 2010.
The Tax Law rewrite project which was launched by HMRC back in 1996 will end in 2010. The project aimed to make the tax legislation more readable and accessible to its target audience.