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Draft Finance Bill 2011 - Clauses

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9 December 2010

Today’s Government announcements

George Osborne kept the announcements in his Autumn Statement in November to a minimum. Instead the Government chose today to release much more information about forthcoming tax changes. The releases include written Ministerial Statements, draft clauses for the 2011 Finance Bill and updates on consultations, amounting to hundreds and hundreds of pages of documentation.

Our tax team will be reviewing the released documents and the important announcements will be summarised on our website.

Draft clauses for the 2011 Finance Bill

We already know that next year’s Budget will be 23 March 2011 and today we found out that the Finance Bill 2011 will be published a week later on 31 March 2011.

As part of the Government’s commitment to improving tax policy making they have today issued the majority of measures for the Finance Bill in draft. Saying that their intention is to keep the number of additional measures to be input later to a minimum. The Government are also suggesting that the 2011 Finance Bill will be significantly shorter than has been seen over the past decade.

The Government have also today issued

  • documents detailing anti-avoidance rules to be introduced for disguised remuneration
  • documents detailing the restrictions to pensions tax relief
  • a response to the consultation on Furnished Holiday Lettings;
  • a response to the consultation on pensions annuitisation;
  • a response to the consultation on taxation of gaming machines;
  • a response to the consultation on the simplification of corporate capital gains;
  • a response to the consultation on Modernisation of Investment Trust Companies;
  • two consultations relating to HMRC’s powers review; and
  • details on the levy on bank’s balance sheets to be introduced on 1 January 2011.