Draft legislation released for consultation

On 5 December 2016 the Treasury published the draft tax legislation (tinyurl.com/oold17) to implement policies announced in the 2016 Budget and autumn statement. It has also published new tax consultations and responses to related consultations that took place over the autumn.

The closing date for comments on the draft legislation is in general  1 February 2017.

Highlights from the overview of legislation in draft follow.

PSA process

Legislation will be introduced in Finance Bill 2017 to enable HMRC to accept a PAYE settlement agreement (PSA) without it having to be agreed first. This will allow HMRC to design and implement a new automated process for employers to apply for a PSA.

This will remove the requirement for an employer to request and obtain agreement for items to be included in a PSA in advance of their PAYE end-of-year reporting obligations. It will also introduce a new digital...