HMRC have published draft, updated guidance, together with minutes of the 4 April meeting of the Research & Development Consultative Committee.
The Public Bill Committee on the Finance Bill will meet again on 7 June, when it is expected to consider clause 46 and Sch 11 (pre-entry losses).
HMRC have invited comments by 31 August 2011 on:
The government is seeking views on the impact on individuals and businesses of removing 36 tax reliefs.
The Public Bill Committee agreed government amendments to Schedule 8 (reduction in childcare relief for higher earners) and Schedule 10 (company ceasing to be a member of a group) on 24 May.
The following provisions were passed without amendment:
Tax specialists are divided over how the coalition government’s tax policies compare to those of its predecessor, a recent Tax Journal survey suggests.
The Public Bill Committee agreed several government amendments to Schedule 2 (employment income provided by third parties) on 19 May.
Clause 31 (company ceasing to be member of group: availability of relief) and Schedule 7 (investment companies) were also amended.
Clause 15 and Sch 1 (new high strength beer duty), clauses 16-18 (tobacco products duty, gaming duty and amusement machine licence duty), and clause 20 (fuel duties) of the Finance Bill were agreed without amendment on 17 May. The Committee is set to meet again on 19 and 24 May.
Clauses 11 (annual investment allowance), 12 (short life assets), 13 (rates of alcoholic liquor duties) and 14 (general beer duty, reduced rate for lower strength beer) of the Finance Bill were passed without amendment by the Public Bill Committee on 12 May.
HMRC are seeking views on possible changes to rules that determine how non-arm's length sales of gas are valued for the purposes of the North Sea fiscal regime.