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Corporation Tax Bill

Volume 706: debated on Thursday 4 December 2008

Statement

My right honourable friend the Financial Secretary to the Treasury (Stephen Timms) has made the following Written Ministerial Statement.

I am pleased to tell the House that today we are introducing the Corporation Tax Bill. This is the tax law rewrite project's fifth Bill and is the first of two which will rewrite substantially the whole of the legislation relating to corporation tax. This Bill maintains the tax law rewrite project's high standards in making tax legislation significantly easier to use. This would not have been possible without the expertise, time and commitment of all those involved in commenting on the provisions during consultation and I would like to thank them and the members of the tax law rewrite project's steering and consultative committees for their invaluable help in making the project's work such a success.

The Bill was published in draft on 22 February 2008 for consultation and a response document reporting on the outcome of that consultation was published on 22 August this year.

The Bill rewrites the charge to corporation tax and the main provisions used by companies in computing their income. Its scope was agreed with the project's consultative and steering committees, which together include the main representative bodies and other users, and I am pleased for the wide support it has among the tax community. Like all previous Bills prepared by the project, it rewrites the law without changing its general effect. All the provisions have benefited from detailed consultation and the drafting style and structure are in line with that of the previous rewrite Bills.