Draft legislation published for Finance Bill 2021–22

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)

draft legislation

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.

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