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Overview of Draft Legislation for Finance Bill 2012

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Overview of Draft Legislation for Finance Bill 2012 Overview of Legislation in Draft 06 December 2011 Official versions of this document are printed on 100% recycled paper. When you have finished with it please recycle it again. If using an electronic version of the document, please consider the environment and only print the pages which you need and recycle them when you have finished. © Crown Copyright 2011 You may re-use this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit http://www.nationalarchives.gov.uk/doc/open-government-licence/ or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or e-mail: [email protected]. ISBN: 978-1-84532-914-3 Contents Foreword iii Overview of Measures Chapter 1 Introduction • Introduction 3 Chapter 2 Overview of Measures • Personal Tax • Philanthropy and Charities 5 • Corporate Tax 5 • Indirect tax 5 • Avoidance Measures 10 • Tax Administration 11 • Office of Tax Simplification Review of Reliefs 12 Annex A - Tax Information and Impact Notes Introduction Tax Information and Impact Notes: Introduction • Tax Information and Impact Notes: Introduction Ai • Tax Information and Impact Notes: Contents Aiii Annex A Tax Information and Impact Notes • Personal Taxes, National Insurance Contributions A1 and Capital Gains Tax • Charities and Philanthropy A51 • Corporation Taxes A63 • Indirect taxes A127 • Anti-Avoidance Measures A181 • Tax Administration A191 • Office of Tax Simplification review of Reliefs A207 i ii Foreword This time last year I confirmed the final shape of our plans for improving the way we make tax policy. I set out proposals for a more predictable and stable tax system, and a policy cycle that allows proper time for scrutiny of draft legislative proposals. This new process has been praised by the professional tax bodies, advocacy groups and in Parliament. The enactment of Finance Bill 2011 completed the first full cycle of policy making under the new approach. Over the last year we demonstrated our commitment with the publication of the Overview of Tax Legislation and Rates at Budget 2011, the routine inclusion of Tax Information and Impact Notes and a renewed belief in the value of consultation. I am now looking forward to seeing the changes we have made becoming a further established part of how we develop tax policy. We are now publishing draft legislation for Finance Bill 2012, which will be available for technical consultation until 10 February 2012. The majority of these measures were announced in Budget 2011, with views sought on policy over the summer. The draft legislation reflects the outcomes of these consultations and we are also publishing response documents alongside. Furthermore, the Tax Professionals Forum has completed an assessment of our progress against the aims we set out for improving tax policy, and their report will be available on HM Treasury website. I continue to welcome their engagement and I look forward to hearing how we can make further improvements to the tax policy making process. David Gauke MP Exchequer Secretary to the Treasury iii iv 1 Introduction 1.1 The Government is committed to improving the way that tax policy is developed, communicated and legislated. One of the most significant features of this new approach is a commitment to confirm the vast majority of measures for inclusion in the Finance Bill at least three months prior to introduction of the Bill itself and, where possible, to publish draft legislation for each of these measures. This is intended to give taxpayers more certainty about future tax changes and allow more time for pre-legislative scrutiny. Consulting on draft clauses 1.2 The Government is today publishing draft clauses for Finance Bill 2012.1 The final contents of the Bill will be subject to confirmation at Budget 2012. 1.3 The Government seeks comments on the draft clauses and draft explanatory notes published alongside this document, and would welcome comments to ensure that the draft legislation works as intended. Consultations on policy have already been completed where appropriate and the draft legislation reflects the Government’s policy decisions in light of responses received. 1.4 If you wish to comment on any of the draft clauses published today, please use the contact details provided at the end of the relevant explanatory note. Please send comments by Friday 10 February 2012, when consultation on the draft legislation will close. 1.5 This document provides supplementary information to the draft legislation for Finance Bill 2012, including: • confirming the majority of measures to be included in Finance Bill 2012; and • setting out, for each measure, what the legislation seeks to achieve, why the Government is undertaking the change and a summary of the expected impacts of the change in a Tax Information and Impact Note (TIIN). 1 Available on the HM Treasury website and the HMRC website. 1 2 2 Overview of measures 2.1 This section provides a brief description of the measures for which draft legislation was published on 6 December 2011. The majority of measures are for inclusion in Finance Bill 2012; some are to be enacted through regulations; and in some cases, an update is provided for measures where draft legislation will not be published today. Personal tax 2.2 Income tax rates and thresholds (including personal allowance) – Legislation will be introduced to set rates and thresholds for income tax as announced in Budget 2011 and confirmed at the Autumn Statement. Details of these rates and thresholds were published on 29 November 2011. A TIIN for these changes was published at Budget 2011. 2.3 Seed Enterprise Investment Scheme – As announced in Budget 2011, and following further consultation in summer 2011, legislation will be introduced providing for a new tax relief to encourage investment in new early stage companies carrying on, or preparing to carry on, a new business in qualifying trades. 2.4 Capital gains tax holiday – As announced in the Autumn Statement, to complement SEIS there will be a capital gains tax (CGT) holiday for assets disposed of in 2012/13 where the gains are reinvested in SEIS shares in the same year. Legislation implementing this will be published in draft for consultation in January 2012. 2.5 Enterprise Investment Scheme and Venture Capital Trusts: better focus – As announced in Budget 2011, legislation will be introduced for both the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs) so that acquiring shares in another company will not be a qualifying activity. In addition, legislation will also be introduced excluding receipt of Feed-in Tariffs (FITs) from being a qualifying activity (with certain exceptions) and introducing a new disqualifying purpose test for both schemes. 2.6 Enterprise Investment Scheme and Venture Capital Trusts: simplification – Following consultation in 2011, legislation will be introduced in Finance Bill 2012 to make simplifications to the EIS and to VCTs. 2.7 Enterprise Investment Scheme and Venture Capital Trusts: increases to thresholds – As announced in Budget 2011, and following further consultation in 2011, legislation will be introduced increasing the amount that an investor may subscribe for shares under the EIS. Subject to State aid approval, legislation will be introduced to increase the thresholds for both the EIS and VCTs for shares issued on or after 6 April 2012. 2.8 Reform of the taxation of non-domiciled Individuals – As announced at Budget 2011, and following consultation over the summer, legislation will be introduced to make changes to the taxation of non-domiciled individuals who elect to be taxed on the remittance basis. A response to the consultation on non-domicile taxation was also published on 6 December 2011 and is available on the HM Treasury website. 2.9 Capital gains tax: foreign currency bank accounts – Following responses to the consultation on non-domicile taxation, legislation will be introduced to remove 3 from CGT gains and losses on withdrawals of funds from bank accounts denominated in a foreign currency. Such gains will be exempt from CGT and such losses will not be allowable where they arise to individuals (both non-domiciled and domiciled), trustees and personal representatives of deceased persons. People will no longer have to calculate gains and losses on every withdrawal from such accounts. This change will take effect for withdrawals on or after 6 April 2012. 2.10 Statutory residence test – In Budget 2011, the Government announced its intention to introduce a statutory residence test in Finance Bill 2012. Following consultation over the summer, the Government has decided to allow further time to finalise the detail of the test. The test will now be introduced with effect from 6 April 2013 and legislated in Finance Bill 2013. Draft legislation will be published around Budget 2012. 2.11 Inheritance tax nil rate band: switch to CPI – Legislation will be introduced to provide that the inheritance tax (IHT) nil rate band (NRB) will rise in line with the Consumer Prices Index (CPI) instead of the Retail Prices Index (RPI) from 2015-16. Automatic indexation of the NRB using the CPI will still be subject to override if Parliament determines a different amount should apply. The NRB will remain frozen at its current rate of £325,000 up to and including 2014-15. 2.12 Capital gains tax: annual exempt amount: – Legislation will be introduced in Finance Bill 2012 to allow for the CGT annual exempt amount (AEA) to rise in line with the CPI instead of the RPI from 2013. Automatic indexation of the AEA using the CPI will still be subject to override if Parliament determines a different amount should apply. The legislation will also set the AEA for 2012-13, keeping it at the 2011-12 level of £10,600.
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