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01 March 2006
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HMRC press release dated 27 February 2006
Tax law rewrite
The tax law rewrite project has published a draft of its fourth Bill. This covers the remainder of the income tax legislation not already rewritten. The provisions in the Income Tax Bill include:
- basic provisions about the charge to income tax, income tax rates, the calculation of income tax liability, and personal reliefs;
- various specific reliefs, including relief for losses, the enterprise investment scheme, venture capital trusts, community investment tax relief, interest paid, gift aid and gifts of assets to charities;
- specific rules about trusts, deduction of tax at source, manufactured payments and repos, tax avoidance;
- general income tax definitions.
Comments on the draft Bill should be sent by 31 May 2006 to Basil Rajamanie, Tax Law Rewrite Project, HMRC, Room 825, Bush House, South West Wing, Strand, London WC2B 4RD, e-mail: basil.rajamanie@hmrc.gsi.gov.uk, tel: 020 7438 7606.
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