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Taxation: Policy

My honourable friend the Exchequer Secretary to the Treasury (David Gauke) has today made the following Written Ministerial Statement. At the June Budget, the Government set out a commitment to build a new approach to tax policy making¹—one founded on predictability, stability and simplicity—with consultation on policy design and scrutiny of draft legislation as the cornerstones. The Government will therefore publish draft clauses planned for the Finance Bill 2011 on 9 December. At the same time, the Government will publish a formal response or update on the following consultations that they have undertaken over the summer/autumn: tax policy making: a new approach; simplification of corporate capital gains for companies; pensions annuitisation; furnished holiday lettings; and a number of areas relating to HMRC’s powers review. Ahead of this, the Government will publish more details on corporate tax reform, including interim improvements to controlled foreign company legislation and reform of foreign branches planned for inclusion in the Finance Bill 2011. They will also publish the outcome of consultations that have been carried out on a number of anti-avoidance measures. "¹ Tax Policy Making: A New Approach, HM Treasury and HMRC, June 2010."