Planned Tax Consultations

Wednesday 6th July 2011 Written Statements

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

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 (HMRC) and HM Treasury have today published the following consultation document:

Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCD)—A consultation on a scheme to provide further support for seed investment, simplification of the enterprise investment scheme (EIS) rules by removing some restrictions on qualifying shares and types of investor and refocusing both EIS and Venture Capital Trusts (VCTs) to ensure they are targeted at genuine risk capital investments.

The following consultation document will be published on 7 July:

Modernising Powers, Deterrents and Safeguards: Bringing HMRC’s information powers into line with international standards for tax information exchange—A consultation on proposals to bring the UK’s information gathering powers fully into line with international standards set by the OECD.

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