HM Revenue and Customs on Monday provided an update on the continuing consultation on principles-based legislation with regard to financial products avoidance.
In his recent budget, Chancellor Alistair Darling revealed that that the introduction of principles-based legislation to tackle schemes involving disguised interest and transfers of income streams would be deferred to Finance Bill 2009 in order to allow more time for consultation.
HMRC revealed on Monday that two documents will be issued in May setting out how this consultation is now to proceed.
The tax authority explained that the first document will cover transfers of income streams. The document will contain revised draft legislation and explain how this deals with matters that have been raised so far during the consultation.
The second document will cover disguised interest. Comments from respondents suggest this part of the work is likely to require more input than the transfer of income streams aspect. The document will summarise responses, and include ideas intended to address concerns about the scope and effect of the legislation.
Both documents will include the provisional timetable for the continuing work on these measures, and explain what form the consultation will take, HMRC concluded.
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