Publication of Tax Policy Consultations

David Gauke Excerpts

Tuesday 28th June 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 will today publish the following consultation document:

VAT cost-sharing—A consultation on workable options for implementing a VAT relief for services shared between bodies with VAT exempt or non-business activities such as universities and charities.

The Government will on 29 June publish the following consultation document:

Gifts of works of art—A consultation on proposals to encourage donations of pre-eminent objects and works of art to the nation in return for a tax reduction.

HMRC and HM Treasury will on 30 June publish the following consultation documents:

Controlled foreign companies (CFCs) reform—A consultation on detailed proposals for new CFC rules to be introduced in 2012.

High-risk areas of the tax code: relief for income tax losses—A consultation on proposals for improving legislative defences against tax avoidance.

High-risk areas of the tax code: unauthorised unit trusts—A consultation on proposals for improving legislative defences against tax avoidance.

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