The UK Inland Revenue has produced a Bill which has rewritten the current legislation on capital allowances. The Bill, introduced in Parliament last week, is part of the Revenue's Tax Law Rewrite initiative which aims to modernise and clarify UK direct tax law.
In a press release issued by the Inland Revenue, Paymaster General Dawn Primarolo said: 'This is a major milestone for the Tax Law Rewrite project. The Capital Allowances Bill completely rewrites and restructures the very complex provisions in the Capital Allowances Act 1990 and elsewhere. The Bill has been hailed by leading UK tax experts as a revolution in accessibility.'
Ms Primarolo continued: 'Earlier versions of this rewritten legislation have been extensively revised in the light of comments and suggestions from tax professionals and other interested parties. This continuous dialogue between the project team and business interests, tax practitioners, the legal profession and Inland Revenue specialists is a key feature contributing to the success of the project.'
The Inland Revenue says that the remit of the Tax Law Rewrite initiative is to construct a more logical framework for UK tax laws via the use of plain language and other reader aids. But the tax authority emphasises that although it intends to simplify its guidelines with some minor policy changes, there will be no alteration of main tax policies. Full consultation with interested parties is being performed and new streamlined Parliamentary procedures for enacting the rewritten Bills will be implemented.
Established in 1996, the Rewrite initiative has published ten Exposure Drafts and two Technical Discussion Documents. Having finalised the capital allowance provisions text, the project is now rewriting five areas of income tax law: trading income, savings and investment income, employment income, property income and foreign income.
The Bill and the accompanying explanatory notes can be found at http://www.publications.parliament.uk
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