Released 20 July 2021
HMRC have published draft legislation and supporting documents for proposed inclusion in Finance Bill 2021–22.
The provisions covered are as follows:
•Income Tax draft legislation
•Income Tax: basis period reform
•Increasing the normal minimum pension age for Pensions Tax
•Pension Scheme Pays reporting: information and notice deadlines
•Corporation Tax draft legislation
•Taxation of asset holding companies in alternative fund structures
•Real Estate Investment Trusts: amendments
•Corporation Tax: amendments to the hybrid and other mismatches rules
•Capital allowances: amendment to allowance statement for structures and buildings allowance
•Insurance Premium Tax draft legislation
•Insurance Premium Tax: identifying where the risk is situated
•Anti-avoidance draft legislation
•New proposals to clamp down on promoters of tax avoidance
•Miscellaneous draft legislation
•Powers to tackle electronic sales suppression
•Large businesses: notification of uncertain tax treatment
•Tracing and security for tobacco products
The Government is committed, where possible, to publishing most tax legislation in draft for technical consultation before the relevant Finance Bill is laid before Parliament. The consultation on draft clauses is intended to make sure that the legislation works as intended.
Each measure comprises:
•a tax information and impact note (TIIN)
•an explanatory note which provides a more detailed guide to the legislation
Also included are the impacting definitions for the tax information and impact notes and the Financial Secretary to the Treasury’s declaration about the tax information and impact notes.
The consultations will run until 14 September 2021.
Details on all these measures can be accessed from Finance Bill 2021–22.