Tax Law Rewrite publishes fifth Bill

The HMRC Tax Law Rewrite project, which is modernising UK direct tax law so that it is clearer and easier to use, has published a draft of its fifth Bill.

In a written statement to Parliament the Financial Secretary to the Treasury, Jane Kennedy MP, said:

"I am pleased to tell the House that Her Majesty's Revenue & Customs will shortly publish a draft of the Tax Law Rewrite project's fifth Bill, the Corporation Tax Bill, which is the first of two Bills which will rewrite substantially the whole of the primary legislation relating to corporation tax. This Bill will cover the basic provisions relating to the charge to corporation tax and includes the main provisions used by companies in computing their income."

The statement also says that:

the scope of this new Bill and the timing of consultation was agreed with the project's Consultative and Steering Committees which together include the main representative bodies and other interested parties;
it benefits from a style and presentation structure that has been developed as a result of consultation over the previous rewrite Bills;
the Bill's provisions have already benefited from extensive discussions between HM Revenue & Customs and the tax profession.

The Bill commences the rewrite of the corporation tax code. It includes:

the basic corporation provisions including the charge to tax, accounting periods and provisions relating to company residence;
provisions relating to trading and property income and income from other sources;
special provisions for companies affecting the computation of income, such as those for loan relationships, derivative contracts and intangibles; and
provisions governing particular types of expenditure, for example, expenditure on research and development and films.

Copies of all the project's publications and the IA are also available on the Internet at http://www.hmrc.gov.uk/rewrite.

Comments

Only registered users can write comments!

Joomla components by Compojoom

About The Author

Sarah Laing
Editor, TaxationWeb News

Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences).

Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession.

Article Added Monday, 25 February 2008

Your attention is drawn to the disclaimer on this site, which applies to the content in this section.

Tax Insider Lite

Each month our tax experts reveal FREE tax strategies to help minimise your taxes. Get Tax Insider Lite:

Tax Books

BOOK OF THE WEEK

Bloomsbury's Tax Rates and Tables 2010/11
This new 250 page book from Bloomsbury Professional will provide you with comprehensive, post-Finance Act and post-Finance (No.2) Act coverage of the new revised tax rates,allowances and reliefs for JUST Â£12! Why pay more?

This new 250 page book from Bloomsbury Professional will provide you with comprehensive, post-Finance Act and post-Finance (No.2) Act coverage of the new revised tax rates,allowances and reliefs for JUST £12! Why pay more?

BOOK OF THE MONTH

British Tax Guide: Capital Gains Tax 2010-11
The British Tax Guide: Capital Gains Tax contains everything you need to know on the complex and ever changing capital gains tax regime.

The British Tax Guide: Capital Gains Tax contains everything you need to know on the complex and ever changing capital gains tax regime.

Inheritance Tax 2010/11
Written by a team of experienced practitioners, the book explains even the most difficult points with great clarity, and includes chapters on lifetime planning, and wills and estate planning.

Written by a team of experienced practitioners, the book explains even the most difficult points with great clarity, and includes chapters on lifetime planning, and wills and estate planning.

The Blue Book 2010
This comprehensive annual book provides quick and easy access to the UK's network of approximately 100 double tax treaties. Annotations explain amendments to the treaties and provide cross-references to other relevant material.

This comprehensive annual book provides quick and easy access to the UK's network of approximately 100 double tax treaties. Annotations explain amendments to the treaties and provide cross-references to other relevant material.

Core Tax Annuals 2010/11 Full Set plus CD-ROM
Great value in-depth tax guides that cover all facets of UK taxation - why go elsewhere? This set of Core Tax Annuals from Bloomsbury Professional's leading UK tax authors are available at the incredible price of JUST Â£150!

Great value in-depth tax guides that cover all facets of UK taxation - why go elsewhere? This set of Core Tax Annuals from Bloomsbury Professional's leading UK tax authors are available at the incredible price of JUST £150!