At the June Budget the Government set out a commitment to build a new approach to tax policy making1—one founded on predictability, stability and simplicity—with consultation on policy design and scrutiny of draft legislation as the cornerstones. The Government will therefore publish draft clauses planned for Finance Bill 2011 on 9 December. At the same time, the Government will publish a formal response or update on the following consultations that it has undertaken over the summer/autumn:
tax policy-making: a new approach;
simplification of corporate capital gains for companies;
furnished holiday lettings; and
a number of areas relating to HMRC’s powers review.
Ahead of this, the Government will publish more details on corporate tax reform, including interim improvements to controlled foreign company legislation and reform of foreign branches planned for inclusion in the Finance Bill 2011. It will also publish the outcome of consultations that have been carried out on a number of anti-avoidance measures.
1“Tax policy making: a new approach” HM Treasury and HMRC, June 2010