UK Finance Bill Published

by Jason Gorringe, Tax-News.com, London

30 March 2007

Following on from the delivery of the Budget earlier this month, UK Chancellor, Gordon Brown's Finance Bill 2007 was published yesterday.

The date of the Second Reading debate in the House of Commons will be announced in due course by the Leader of the House.

Commenting on the publication of the Finance Bill, Paymaster General Dawn Primarolo announced that:

"The Government is committed to creating a modern and fair tax system which promotes long term investment and environmentally sustainable growth, encourages and rewards work and savings, and supports and strengthens families. Today's Finance Bill introduces important measures to promote fairness, maintain the UK's competitiveness, and to tackle tax avoidance and fraud."

A draft regulation on the mandatory electronic filing of PAYE returns was also published yesterday, in addition to Regulatory Impact Assessments on

• Managed Service Companies;
• Ensuring compliance with the tax avoidance disclosure regime;
• HMRC and the taxpayer: modernising powers, deterrents and safeguards: penalties for incorrect returns;
• Criminal investigation powers; and
• New duty of excise called 'remote gaming tax'.
  

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