HMRC have published a consultation document entitled Extra-statutory Concessions - Second Technical Consultation on Draft Legislation, which examines the draft legislation needed to give legislative effect to a number of ESCs following the House of Lords decision in the Wilkinson case.
The Wilkinson case made clear that the scope of HMRC’s administrative discretion to make concessions that depart from the strict statutory provision is not as wide as previously thought.
The purpose of the consultation is to ensure that the draft legislation successfully preserves the current tax treatment under the ESCs concerned. Most of the legislation is by Treasury Order made under an enabling provision at Finance Act 2008, s. 160, while some is made under powers that existed before the 2008 enabling provision was enacted.
The consultation document can be found on the HMRC website at www.hmrc.gov.uk.
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