As part of its new approach to tax policy making, the government published 500+ pages of draft clauses and accompanying explanations on 9 December 2010 for measures that will be included in the Finance Bill 2011.
The Finance Bill 2011 will also legislate the annual changes in rates and duties that were announced previously. With the exception of the Capital Gains Tax threshold for individuals in 2011-12, which has yet to be set (and statutory maternity pay rates that we’re still trying to find), the key tax allowances and rates are set out in our 2011-12 tax tables. This article details a comprehensive list of published measures, with links to those that are of most relevance to AccountingWEB.co.uk members. Further details are available from the HMRC and Treasury websites. Key topics
- Pensions tax – tax relief restricted by new annual and lifetime allowance levels.
- Personal tax – changes to furnished holiday lettings rules and employer-supported childcare
- Corporation tax – reductions for Annual Investment Allowance and writing down allowances; plus foreign branch taxation and interim CFC reforms.
- Indirect tax – Samples to be VAT free following EMI victory at ECJ
- Anti-avoidance – Crackdowns on trust arrangements,
- HMRC powers and administration
- 2011-12 tax tables