Exchequer Secretary to the Treasury has published nine documents relating to tax following commitments made at the June Budget.
Today the Exchequer Secretary to the Treasury, David Gauke MP has published nine documents for discussion and consultation relating to tax, following commitments made at the June Budget.
This will provide businesses, tax professionals and other interested parties with a more comprehensive view and the opportunity to comment on the overnment’s proposed tax reforms.
The overnment set out its new and innovative approach to tax policy making at the Budget, designed to create a more predictable, stable and simple tax system in the UK
The documents published today are:
- PAYE reform
- Furnished Holiday Lettings
- Pensions tax relief
- Associated company rules
- Disclosure of Inheritance Tax avoidance
- Foreign branch taxation
- Controlled Foreign Company interim improvements
- Modernisation of Investment Trust Company rules
- National Minimum Wage regulations
The government is committed to being more open and transparent in its approach to policy making. By allowing relevant and interested parties to have their say, it will greatly improve the quality of the process and allow the government to make informed decisions based on the views of those who will be affected.
The Exchequer Secretary, David Gauke MP, said:
We want to make the tax system simpler and work better for the taxpayer. By reducing burdens, making the right choices and involving taxpayers, we are sending a very clear signal that Britain is open for business.
We are committed to a more considered and open approach to tax policymaking. That is why consultation and scrutiny of our tax policies will be the cornerstone of our tax policymaking process. I want to encourage relevant parties to provide their feedback on the tax consultations we have published today.
Notes to Editors
The publication of some of these documents was announced at the Budget in June.
Details on each document are as follows:
PAYE reform (HMRC)
The government today is publishing a consultation on improving the operation of Pay As You Earn (PAYE), which seeks views on the collection of real time information to simplify taxation and reduce burdens on business. It also invites views on an option for longer-term reform to improve accuracy and further reduce administrative burdens, or alternative proposals to the same end. The government seeks interested parties’ views on these proposals;
Furnished holiday lettings (Joint HMT & HMRC)
The Government today is publishing a consultation document on a proposal to ensure that the tax rules for furnished holiday lettings meet EU legal requirements in a fiscally responsible way, by changing the eligibility thresholds and restricting the use of loss relief. The Government seeks interested parties’ views on the proposal set out in the document;
Pensions tax relief (HMT)
The government announced in the June Budget that it is considering the issue of pensions tax relief. The government today is publishing a discussion paper setting out the range of policy issues that would need to be decided in any new regime. The government seeks interested parties’ views on these issues;
Associated company rules (HMT)
The government today is publishing a summary of responses to the recent consultation on simplifying the associated company rules as they apply to the small profits rate of corporation tax. As announced in the June Budget, the government will introduce the proposed legislation in Finance Bill 2011 and it will take effect from 1 April 2011;
Inheritance tax avoidance schemes (HMRC)
The government today is publishing a consultation on legislation designed to bring inheritance tax, as it applies to the transfer of property into trust, into the disclosure regime, with the objective of addressing the problem of identifying such schemes and users at an early stage. The government seeks interested parties’ views on the detail of implementation;
Taxation of foreign branches (HMT)
The government today is publishing a discussion document on the scope of an exemption for foreign branch profits, aimed at delivering a more territorial approach to corporation tax to enhance the UK’s competitiveness. The government seeks interested parties’ views on the likely impacts of the proposals set out in the document and on implementation of these proposals;
Controlled Foreign Companies interim improvements (HMT)
The government today is publishing a short note setting out the aim and scope of CFC interim improvements, together with the framework for consultation over the summer. The government seeks interested parties’ views on the nature of these improvements, including possible options to achieve the aims set out here and potential other worthwhile improvements that should be considered;
Modernisation of Investment Trust Company rules (HMRC)
The government is publishing a consultation document, which sets out proposals for modernising tax rules for Investment Trust Companies, together with consequential amendments to the Companies Act by the Department for Business Innovation and Skills. The government seeks interested parties’ views on the proposals for change;
National Minimum Wage: travel and subsistence schemes (Joint HMT, HMRC & BiS)
The government today is publishing a summary of responses to the recent consultation on travel and subsistence schemes implemented for some temporary workers paid at or near the National Minimum Wage (NMW). The government has carefully considered the responses and has concluded that, on balance, action should be taken. It will amend the NMW Regulations to take effect from 1 January 2011;
Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to email@example.com
Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238.