Second reading of the Finance Bill has been scheduled for 15 April
Guidance on the new general anti-abuse rule will not be published alongside the Finance Bill next week but is expected to be published ‘shortly after the Easter break’, HMRC has told Tax Journal.
The second reading of the Finance Bill has been scheduled for 15 April, the day on which MPs are set to return to the Commons after the Easter recess.
An item posted on HMRC’s What’s New page yesterday said that guidance had been ‘published to support the legislation’. But the item linked to the draft guidance already published.
HM Treasury said in January that the final guidance would be published alongside the Finance Bill, which will include the GAAR itself. Last month the exchequer secretary, David Gauke, announced that the Bill will be published on 28 March.
Appointments to the interim GAAR advisory panel overseeing development of the guidance were scheduled to end on 31 March.
Impact assessment
HMRC published on Wednesday a new tax information and impact note (TIIN) on the GAAR, replacing the note published last December.
The measure is expected to yield £60m in 2014/15, £50m in 2015/16, £40m in 2016/17 and £85m in 2017/18, according to the TIIN. Its impact will be monitored and consideration will be given to ‘evaluating how effective the GAAR has been at discouraging as well as stopping abusive avoidance schemes’.
‘The [GAAR] will apply to abusive tax arrangements entered into on or after Royal Assent to Finance Bill 2013. Separate NICs legislation will be introduced after the Royal Assent to Finance Bill 2013 when parliamentary time allows,’ HMRC said.
Second reading of the Finance Bill has been scheduled for 15 April
Guidance on the new general anti-abuse rule will not be published alongside the Finance Bill next week but is expected to be published ‘shortly after the Easter break’, HMRC has told Tax Journal.
The second reading of the Finance Bill has been scheduled for 15 April, the day on which MPs are set to return to the Commons after the Easter recess.
An item posted on HMRC’s What’s New page yesterday said that guidance had been ‘published to support the legislation’. But the item linked to the draft guidance already published.
HM Treasury said in January that the final guidance would be published alongside the Finance Bill, which will include the GAAR itself. Last month the exchequer secretary, David Gauke, announced that the Bill will be published on 28 March.
Appointments to the interim GAAR advisory panel overseeing development of the guidance were scheduled to end on 31 March.
Impact assessment
HMRC published on Wednesday a new tax information and impact note (TIIN) on the GAAR, replacing the note published last December.
The measure is expected to yield £60m in 2014/15, £50m in 2015/16, £40m in 2016/17 and £85m in 2017/18, according to the TIIN. Its impact will be monitored and consideration will be given to ‘evaluating how effective the GAAR has been at discouraging as well as stopping abusive avoidance schemes’.
‘The [GAAR] will apply to abusive tax arrangements entered into on or after Royal Assent to Finance Bill 2013. Separate NICs legislation will be introduced after the Royal Assent to Finance Bill 2013 when parliamentary time allows,’ HMRC said.
