Draft legislation released for consultation

On 9 December 2015 the Treasury published the draft tax legislation to implement policies announced in the 2015 March and summer budgets and autumn statement. It also published new tax consultations and responses to related consultations that took place over the summer.

The closing date for comments on the draft legislation is 3 February 2016.

Highlights from the overview of legislation in draft follow.

Sporting testimonials and benefit matches

Legislation will be included in the Finance Bill 2016 to confirm that income from sporting testimonials and benefit matches for employed sportspersons irrespective of whether they are arranged by the sportsperson’s club or by an independent testimonial committee is chargeable to income tax under PAYE. This will apply when the testimonial is granted or awarded on 25 November 2015 or later and to events that take place after 
5 April 2017.

A single lifetime exemption...