.png)
.png)
A new brace of draft bills remodelling tax legislation have been published by the 13-year-old Tax Law Rewrite project.
The event marks a ‘step forward’ for the modernising of the UK's direct tax law, claimed HMRC.
The two documents rewrite law without changing its general effect:
- Corporation Tax Bill – which will substantially complete the rewrite of CT code. It includes provisions about losses and gifts to charities, various reliefs such as group relief, distributions, particular types of companies and activities, avoidance, and definitions.
- Taxation (International and Other Provisions) Bill – which includes provisions about double taxation relief, transfer pricing, advance pricing agreements, and tax arbitrage. It also relocates and, where appropriate, rewrites some provisions that would otherwise have been left in the Income and Corporation Taxes Act or one of the Finance Acts.
‘Thanks to the close co-operation between the project team, tax practitioners, the legal profession and business representatives the [Tax Law Rewrite] project has once again rewritten tax legislation in a clearer and more accessible format,’ said the financial secretary to the Treasury, Stephen Timms.
Comments on the draft bills should be emailed or posted by 29 May to Jackie Bartlett, Tax Law Rewrite Project, HMRC, 8th Floor, Bush House, South West Wing, London WC2B 4RD
