Tax Consultations

Thursday 9th June 2011 Written Statements

[The Exchequer Secretary to the Treasury (Mr David Gauke)]

Since the June Budget 2010, the Government have taken a number of steps to improve tax policy making, with consultation on policy and scrutiny of legislation as the cornerstones.

Budget 2011 announced a number of tax policy changes and longer-term tax reforms that will be subject to consultation. These are summarised in the tax consultation tracker, which is available on the HM Treasury website at:

http://www.hm-treasury.gov.uk/tax_updates.htm.

HM Revenue and Customs and HM Treasury will tomorrow publish the following consultation documents:

A new incentive for charitable legacies—A consultation to inform policy detail on how best to implement a lower rate of inheritance tax when leaving 10% or more of an estate to charity.

Consultation on the patent box—A consultation on how to implement a reduced 10% rate of corporation tax for profits arising from patents.

Research and development tax credits: response and consultation —A response to the November 2010 consultation and detail of further proposed changes to the research and development tax reliefs.

Updates to dates for some consultations planned for June and July have been made to the tax consultation tracker.