Miscellaneous: Tax

The Public Bill Committee debated clauses 6 to15 of, and Schedules 1 and 2 to, the Finance Bill 2013 (referred to in Parliament as the Finance (No. 2) Bill 2012-13) on 16 May 2013. The clauses and Schedule 1 were agreed unamended and Schedule 2 was agreed to with amendments.

The Finance Bill 2013 was reintroduced to Parliament on 9 May 2013.

The Public Bill Committee debated clauses 4 and 5 of the Finance Bill 2013 (referred to in Parliament as the Finance (No. 2) Bill 2012-13) on 25 April 2013. The clauses were agreed unamended.

The Committee of the whole House of Commons debated (and accepted without amendment) clauses 1, 3, 16, 183, 184 and 200 to 212 of, and Schedules 3 and 41 to, the Finance Bill 2013 on 17 and 18 April 2013.

The Finance Bill 2013 (referred to in Parliament as the Finance (No.2) Bill 2012-13) had its second reading in the House of Commons on 15 April 2013.

HMRC published for comment draft guidance on the income tax reliefs cap that applies for 2013-14 and subsequent tax years on 28 March 2013.

The first version of the Finance Bill 2013 was published on 28 March 2013.

The Budget Resolutions for the Finance Bill 2013 were passed, and the Bill received its first reading in the House of Commons, on 25 March 2013.

Our summary of the key business tax announcements in the 20 March 2013 Budget. For an article setting out the views of leading practitioners, see Article, 2013 Budget: Plan A gets a facelift.

PLC has published a new podcast on best and reasonable endeavours clauses.

An update highlighting articles in the March 2013 issue of PLC Magazine of interest to PLC Tax subscribers.

We will publish our Budget predictions by 12 March 2013. We will also produce an overnight Budget summary and a practitioner comment article.

An update outlining the key developments in tax law and practice covered by legal updates published in February 2013.

On 14 February 2013, HMRC published a discussion document and draft guidance on proposals requiring, from 1 April 2013, government suppliers to certify their tax compliance as part of the government's procurement process. The Cabinet Office published further details on the same day.

HM Treasury is seeking representations on existing government policy and new policy ideas for the 2013 Budget.

An order amending the Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999 (SI 1999/358) was made on 29 January 2013 and comes into force on 11 March 2013 (Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) (Amendment) Regulations (SI 2013/157)).

The Finance Bill Sub-Committee of the House of Lords Economic Affairs Committee is seeking written evidence on the Finance Bill 2013.

An update highlighting articles in the December 2012 issue of PLC Magazine of interest to PLC Tax subscribers.

The Income Tax (Indexation) Order 2012 (SI 2012/3047), specifying the personal allowances and the basic rate limit for 2013-14, was made on 6 December 2012.

An update outlining the key developments in tax law and practice covered by legal updates published in November 2012.

An update highlighting articles in the November 2012 issue of PLC Magazine of interest to PLC Tax subscribers.

News stories for the PLC Tax weekly e-mail to 16 October 2012.

News stories for the PLC Tax weekly e-mail to 9 October 2012.

An update outlining the key developments in tax law and practice covered by legal updates published in September 2012.

News stories for the PLC Tax weekly e-mail to 18 September 2012.

News stories for the PLC Tax weekly e-mail to 11 September 2012.

An update highlighting articles in the September 2012 issue of PLC Magazine of interest to PLC Tax subscribers.

An update outlining the key developments in tax law and practice covered by legal updates published in August 2012.

News stories for the PLC Tax weekly e-mail to 21 August 2012.

News stories for the PLC Tax weekly e-mail to 7 August 2012.

News stories for the PLC Tax weekly e-mail to 31 July 2012.

News stories for the PLC Tax weekly e-mail to 24 July 2012.

HMRC has published an amended version of its non-statutory clearance procedure for non-business taxpayers, Clearances and Approvals 1 (CAP 1). The changes primarily reflect the incorporation into CAP 1 of a voluntary advance assurance procedure for remittance basis taxpayers seeking business investment relief.

The Finance Bill 2012 received its second and third readings in the House of Lords on 16 July 2012, and we understand that it received Royal Assent on 17 July 2012.

The government published its consultation on capping income tax relief on 13 July 2012.

The House of Lords version of the Finance Bill 2012, which contains the amendments made during the Commons Report Stage, was published on 6 July 2012.

The Finance Bill 2012 completed its Commons Report Stage and had its third Commons reading on 3 July 2012. Various proposed amendments were debated but only government changes concerning face-value vouchers, VAT borderline anomalies, settled excluded property and air passenger duty were accepted.

Various proposed amendments to the Finance Bill 2012 were debated on 2 July 2012 but only one change, deferring a rise in fuel duty, was accepted.

The Public Bill Committee agreed clauses 212 to 214 and 216 to 227 of, and Schedules 34 to 38 to, the Finance Bill 2012 on the afternoon of 26 June 2012.

The Public Bill Committee agreed clauses 206 to 208, 210 and 211 of, and Schedule 32 to, the Finance Bill 2012 on the morning of 26 June 2012.

The Finance Bill 2012 will complete its final stages in the House of Commons on 2 and 3 July 2012.

The Public Bill Committee agreed clauses 195 to 205 of, and Schedules 26 to 31 to, the Finance Bill 2012 on 21 June 2012.

News stories for the PLC Tax weekly e-mail to 19 June 2012.

The Public Bill Committee agreed clauses 33 to 54 and 215 of, and Schedules 6 to 15 to, the Finance Bill 2012 on 14 June 2012.

News stories for the PLC Tax weekly e-mail to 12 June 2012.

The government's policy intentions on how the Scottish rate of income tax will interact with other areas of the income tax system are set out in a technical note published by HMRC on 22 May 2012.

An update outlining the key developments in tax law and practice covered by legal updates published in May 2012.

News stories for the PLC Tax weekly e-mail to 29 May 2012.

The Public Bill Committee debated clauses 13 to 17 of the Finance Bill 2012 (referred to in Parliament as the Finance Bill 2010-12 to 2012-13) on 24 May 2012. These clauses and clauses 11 and 12, which were not debated, were agreed unamended.

News stories for the PLC Tax weekly e-mail to 22 May 2012.

News stories for the PLC Tax weekly e-mail to 15 May 2012.

News stories for the PLC Tax weekly e-mail to 8 May 2012.

News stories for the PLC Tax weekly e-mail to 1 May 2012.

An update outlining the key developments in tax law and practice covered by legal updates published in April 2012.

News stories for the PLC Tax weekly e-mail to 24 April 2012.

The Committee of the whole House of Commons debated clauses 1, 4, 8, 189 and 209 of, and Schedules 1, 23 and 33 to, the Finance Bill 2012 on 18 and 19 April 2012.

News stories for the PLC Tax weekly e-mail to 17 April 2012.

An update highlighting articles in the April 2012 issue of PLC Magazine of interest to PLC Tax subscribers.

On 3 April 2012, HMRC and HM Treasury published a short note on the proposal to introduce a statutory cap on income tax reliefs.

News stories for the PLC Tax weekly e-mail to 3 April 2012.

The first version of the Finance (No 4) Bill 2010-12 was published on 29 March 2012.

News stories for the PLC Tax weekly e-mail to 27 March 2012.

News stories for the PLC Tax weekly e-mail to 20 March 2012.

You can now access your favourite English law, Scots law and tax books from publisher Bloomsbury Professional through the PLC website.

We will publish our Budget predictions by 13 March 2012. We will also produce an overnight Budget summary and a practitioner comment article.

The European Commission, on 29 February 2012, launched a public consultation on factual examples and possible ways to tackle double non-taxation cases within the EU and in relation to third countries.

An update outlining the key developments in tax law and practice covered by legal updates published in February 2012.

You can now access your favourite English law, Scots law and tax books from publisher Bloomsbury Professional through the PLC website.

News stories for the PLC Tax weekly e-mail to 14 February 2012.

PLC Tax has published new standard tax clauses for agency agreements.

News stories for the PLC Tax weekly e-mail to 7 February 2012.

You can now access your favourite English law, Scots law and tax books from publisher Bloomsbury Professional through the PLC website.

News stories for the PLC Tax weekly e-mail to 31 January 2012.

You can now access your favourite English law, Scots law and tax books from publisher Bloomsbury Professional through the PLC website.

News stories for the PLC Tax weekly e-mail to 10 January 2012.

An update outlining the key developments in tax law and practice covered by legal updates published in December 2011.

News stories for the PLC Tax weekly e-mail to 20 December 2011.

On 6 December 2011, HMRC published amendments to the Capital Gains Manual, including additional sections on quoted options and spread betting. 

News stories for the PLC Tax weekly e-mail to 13 December 2011.

The Income Tax (Indexation) Order 2011 (SI 2011/2926), specifying the personal allowances and the basic rate limit, for 2012-13, was made on 6 December 2011.

News stories for the PLC Tax weekly e-mail to 6 December 2011.

Draft regulations widening the bank levy netting rules were published on 28 November 2011.

An update outlining the key developments in tax law and practice covered by legal updates published in November 2011.

News stories for the PLC Tax weekly e-mail to 29 November 2011.

News stories for the PLC Tax weekly e-mail to 22 November 2011.

News stories for the PLC Tax weekly e-mail to 8 November 2011.

A summary of the articles in the November 2011 issue of PLC Magazine that may be of interest to PLC Tax subscribers.

The Privy Council has held that refundable deposits for use of gas containers were not subject to VAT or income tax (Total Mauritius Ltd v Mauritius Revenue Authority [2011] UKPC 40).

News stories for the PLC Tax weekly e-mail to 25 October 2011.

News stories for the PLC Tax weekly e-mail to 11 October 2011.

News stories for the PLC Tax weekly e-mail to 4 October 2011.

The European Commission presented a proposal for a Directive on a common system of financial transaction tax and amending Directive 2008/7/EC concerning indirect taxes on the raising of capital in the 27 member states of the EU on 28 September 2011.

News stories for the PLC Tax weekly e-mail to 27 September 2011.

PLC Commercial has published a new podcast on exclusion clauses and their application to deliberate breaches of contract.

The Exchequer Secretary to the Treasury announced on 13 September 2011 that draft legislation to enact measures announced in the 2011 Budget, to be included in the Finance Bill 2012, will be published on 6 December 2011.

HM Treasury has announced the date of the Chancellor's autumn statement.

PLC Tax recently held a training webinar to demonstrate the key features and functions of its service. The webinar can contribute to your CPD points and is now available to download. (Free access.)

An update outlining the key developments in tax law and practice covered by legal updates published in August 2011.

News stories for the PLC Tax weekly e-mail to 23 August 2011.

A summary of the articles in the August 2011 issue of PLC Magazine that may be of interest to PLC Tax subscribers.

News stories for the PLC Tax weekly e-mail to 2 August 2011.

PLC Tax has updated its legislation trackers to reflect developments in July 2011.

PLC Tax is holding a webinar on 17 August 2011, to demonstrate the key features and functions of its service. The webinar is open to all subscribers, and can contribute to your CPD points. (Free access.)

The Finance Bill 2011 completed second reading, committee stage, report stage and third reading in the House of Lords on 18 July 2011.

News stories for the PLC Tax weekly e-mail to 12 July 2011.

The Law Commission launched a consultation on repealing various obsolete or otherwise redundant legislative provisions on 7 July 2011.

The report stage of the Finance Bill 2011 concluded, and the Bill received its third reading in the House of Commons, on 5 July 2011.

Various proposed amendments to the Finance Bill 2011 were debated on 4 July 2011, but none was accepted.

A summary of the articles in the July 2011 issue of PLC Magazine that may be of interest to PLC Tax subscribers.

The government proposed further amendments to the netting rules in the draft bank levy legislation in Schedule 19 to the Finance Bill 2011 on 29 June 2011.

Key dates for corporate tax practitioners for July 2011.

PLC Tax had updated its legislation trackers to reflect developments in June 2011.

Dates for the Commons report stage and third reading of the Finance Bill 2011 (referred to in Parliament as the Finance (No.3) Bill 2010-11) have been announced.

News stories for the PLC Tax weekly e-mail to 21 June 2011.

The second version of the Finance Bill 2011 was published on 13 June 2011.

A summary of the articles in the June 2011 issue of PLC Magazine that may be of interest to PLC Tax subscribers.

Key dates for corporate tax practitioners for June 2011.

PLC Tax has updated its legislation trackers to reflect developments in May 2011.

News stories for the PLC Tax weekly e-mail to 31 May 2011.

News stories for the PLC Tax weekly e-mail to 24 May 2011.

The Public Bill Committee debated clauses 21 to 34 of, and Schedules 2 to 7 to, the Finance Bill 2011 (referred to in Parliament as the Finance (No.3) Bill 2010-11) on 19 May 2011.

Following a debate in Parliament, the UK House of Commons has sent a reasoned opinion to the European Union raising an objection to the proposed common consolidated corporate tax base on the basis that it would breach the principles of subsidiarity and proportionality.

News stories for the PLC Tax weekly e-mail to 17 May 2011.

The Public Bill Committee debated clauses 1 - 3, 5, 6, 8 and 9 of the Finance Bill 2011 (referred to in Parliament as the Finance (No.3) Bill 2010-11) on 10 May 2011. The clauses were agreed unamended.

News stories for the PLC Tax weekly e-mail to 10 May 2011.

News stories for the PLC Tax weekly e-mail to 3 May 2011.

An update outlining the key developments in tax law and practice covered by legal updates published in April 2011.

PLC Tax has updated its legislation trackers to reflect developments in April 2011.

A summary of the articles in the April 2011 issue of PLC Magazine that may be of interest to PLC Tax subscribers.

News stories for the PLC Tax weekly e-mail to 12 April 2011.

We have grouped PLC Tax's 2011 Budget and Finance Bill 2011 coverage together in one place to make it easier to find.

The first version of the Finance (No 3) Bill 2010-11 was published on 31 March 2011.

HMRC has issued a reminder to taxpayers that the new penalties regime for individual self-assessment, introduced by Schedule 55 to the Finance Act 2009, comes into force from April 2011.

Our summary of the key business tax announcements in the 23 March 2011 Budget. 70 leading tax practitioners told us what they thought of the Budget. We have published an article incorporating their views: 2011 Budget: Keep calm and carry on.

The Commons report stage of the Budget Responsibility and National Audit Bill 2010-11 has been scheduled for 22 March 2011.

A summary of the issues on which we anticipate that the government will make announcements in the 2011 Budget.

On 8 March 2011, the European Parliament plenary session adopted a resolution on the introduction of a financial transaction tax.

The Medical Insurance (Pensioner Tax Relief) Bill was introduced to the House of Commons on 2 March 2011.

A summary of the articles in the March 2011 issue of PLC Magazine that may be of interest to PLC Tax subscribers.

An update outlining the key developments in tax law and practice covered by updates published in February 2011.

The Budget Responsibility and National Audit Bill [HL] 2010-11 had its second reading in the House of Commons on 14 February 2011.

A reminder about PLC Tax's materials suitable to help those new to tax law. (Free access.)

The Charity Tax Group has published the Charity Tax Map, the first ever comprehensive study of the impact of taxation on the charity sector.  It includes details of all of the taxes to which charities are subject and the various tax reliefs available to them.

News stories for the PLC Tax weekly e-mail to 8 February 2011.

News stories for the PLC Tax weekly e-mail to 1 February 2011.

News stories for the PLC Tax weekly e-mail to 25 January 2011.

News stories for the PLC Tax weekly e-mail to 18 January 2011.

HMRC has produced a guide to former Inland Revenue extra-statutory concessions as at 6 January 2011.

News stories for the PLC Tax weekly e-mail to 4 January 2011.

News stories for the PLC Tax weekly e-mail to 14 December 2010.

The Finance (No.3) Act 2010 received Royal Assent on 16 December 2010.

The Secretary of State for Business and Chair of the Reducing Regulation Committee has set out a series of new principles that the government will use when introducing European measures into UK law.

The Office of Tax Simplification published an interim report on its review of tax reliefs on 13 December 2010.

The Income and Corporation Taxes (Electronic Communications) (Amendment) Regulations 2010 (SI 2010/2942) were made on 8 December 2010.

The Finance (No.3) Bill 2010 is expected to receive Royal Assent on 16 December 2010.

HM Treasury published a table of income tax rates and thresholds for 2011-12 on 2 December 2011.

The Income Tax (Indexation) Order 2010 (SI 2010/2879), specifying the amounts to which personal allowances and the basic rate limit should rise, for 2011-12, to reflect inflation, was made on 2 December 2010.

An update outlining the key developments in tax law and practice covered by updates published in November 2010.

The Finance (No.3) Bill 2010 had its second and third readings in the House of Lords on 22 November 2010.

News stories for the PLC Tax weekly email to 16 November 2010.

The Budget Responsibility and National Audit Bill had its second reading in the House of Lords on 8 November 2010.

The government has announced that draft Finance Bill 2011 clauses will be published on 9 December 2011.

A summary of the articles in the November 2010 issue of PLC Magazine that may be of interest to PLC Tax subscribers.

The Chancellor of the Exchequer has announced that the 2011 Budget will take place on Wednesday 23 March 2011. 

News stories for the PLC Tax weekly email to 2 November 2010.

News stories for the PLC Tax weekly email to 26 October 2010.

The Finance (No.3) Bill 2010 Public Bill Committee agreed to several provisions of the Bill on 19 October 2010.

News stories for the PLC Tax weekly email to 19 October 2010.

HMRC issued Revenue & Customs Brief 41/10, setting out its revised view on the offset of losses on jointly-held and nominee-held shares, on 12 October 2010.

News stories for the PLC Tax weekly email to 12 October 2010.

News stories for the PLC Tax weekly email to 5 October 2010.

The Finance (No.3) Bill 2010 is unlikely to be published on 30 September 2010 as previously announced by HM Treasury. (Free access.)

News stories for the PLC Tax weekly email to 28 September 2010.

News stories for the PLC Tax weekly email to 21 September 2010.

The Department of Energy and Climate Change's updated lists of energy-saving plant and machinery will apply for enhanced capital allowance purposes from 8 October 2010 (The Capital Allowances (Energy-saving Plant and Machinery) (Amendment) Order 2010 (SI 2010/2286)).

HM Treasury has announced that the Finance (No. 3) Bill 2010 will be published on 30 September 2010. 

News stories for the PLC Tax weekly email to 14 September 2010.

A summary of the articles in the September 2010 issue of PLC Magazine that may be of interest to PLC Tax subscribers.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 31 August 2010.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 17 August 2010.

A legal update about the decision of the First-tier Tribunal in Barnetts v HMRC [2010] UKFTT 286 (TC).

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 3 August 2010.

An update outlining the key developments in tax law and practice covered by updates published in July 2010.

A legal update about the enactment of the Finance (No.2) Act 2010.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 27 July 2010.

A legal update about the Finance Act 2009, Sections 101 to 103 (Appointed Day and Supplemental Provision) Order 2010 (SI 2010/1878), made on 21 July 2010.

A legal update about the Taxes and Duties (Interest Rate) Regulations 2010 (SI 2010/1879), made on 21 July 2010 and coming into force on 31 August 2010.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 20 July 2010.

A legal update about the debate of the Committee of the Whole House of Commons on the Finance (No.2) Bill 2010, held on 13 July 2010.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 13 July 2010.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 6 July 2010.

A legal update about the first version of the Finance (No.2) Bill 2010, which was published on 1 July 2010. (Free access.)

An update outlining the key developments in tax law and practice covered by updates published in June 2010.

A legal update about the June 2010 Budget Resolutions and first reading of the Finance (No.2) Bill 2010.

A legal update about the expected publication date of the Finance (No.2) Bill 2010.

Our summary of the key business tax announcements in the 22 June 2010 Budget. (Free access.) Leading tax practitioners told us what they see as the most important announcements in the Budget, see Article, June 2010 Budget: the second half.

A legal update about the decison of EU leaders on 17 June 2010 that bank taxes should be imposed.

A legal update about the timing of the June 2010 Budget. (Free access.)

A legal update about PLC Tax's proposed coverage of the June 2010 Budget. (Free access.)

A legal update about the time of the emergency Budget on 22 June. (Free access.)

A legal update highlighting articles in the June 2010 issue of PLC Magazine of interest to PLC Tax subscribers.

An update outlining the key developments in tax law and practice covered by updates published in May 2010.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 18 May 2010.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 11 May 2010.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 4 May 2010.

An update outlining the key developments in tax law and practice covered by updates published in April 2010.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 20 April 2010.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 13 April 2010.

A legal update containing news stories for the PLC Tax weekly e-mail for the week to 6 April 2010.

A legal update about the first version of the Finance Bill 2010, which was published on 1 April 2010.

On 31 March 2010, HM Treasury published an open letter from Alistair Darling, Chancellor of the Exchequer, to G20 ministers setting out the principles which the Government believes should guide international work on a systemic risk tax.

An update of news stories for the PLC Tax weekly e-mail for the week to 30 March 2010.

A legal update about the Budget Resolutions set out in the Order of Business of the House of Commons for 25 March 2010.

Our summary of the key business tax announcements in the 24 March 2010 Budget. See what other tax practitioners thought were the highlights of the Budget: Article, March 2010: When is a Budget not a Budget? Tax practitioners comment.

An update about the Taxation (International and Other Provisions) Act 2010 obtaining Royal Assent on 18 March 2010.

A legal update about the third reading of the Taxation (International and Other Provisions) Bill 2009-10 in the House of Lords on 17 March 2010.

An update of news stories for the PLC Tax weekly e-mail for the week to 16 March 2010.

An update about PLC Tax's proposed coverage of the 2010 Budget.

A legal update about the announcement of the date of the 2010 Budget.

A legal update about the Corporation Tax Act 2009 (Amendment) Order 2010 (SI 2010/614), made on 4 March 2010.

A legal update about the Corporation Tax Act 2010 receiving Royal Assent on 3 March 2010. 

An update outlining the key developments in tax law and practice covered by updates published in February 2010.

An update of news stories for the PLC Tax weekly e-mail for the week to 23 February 2010.

An update outlining the key developments in tax law and practice covered by updates published in January 2010.

A legal update on the First Report of the Joint Committee on Tax Law Rewrite Bills.

A legal update about the Joint Committee stage of the Corporation Tax Bill 2009-10 and the Taxation (International and Other Provisions) Bill 2009-10.

An update outlining the key developments in tax law and practice covered by updates published in December 2009.

An update of news stories for the PLC Tax weekly e-mail for the week to 15 December 2009.

Our summary of the key business tax announcements in the 2009 Pre-Budget Report.

An update of news stories for the PLC Tax weekly e-mail for the week to 8 December 2009.

An update about PLC Tax's proposed coverage of the 2009 Pre-Budget Report.

An update summarising the issues on which we anticipate that the government will make announcements in the Pre-Budget Report 2009.

An update about the government's announcement on 18 November 2009 of a new Fiscal responsibility Bill.

An update on HMRC's letter dated 23 October 2009 confirming its position on self assessment tax returns delayed by postal strike action.

An update outlining the key developments in tax law and practice covered by updates published in October 2009.

An update about the reminder issued by HMRC concerning the submission of paper tax returns for 2008-09.

An update highlighting articles in the October 2009 issue of PLC Magazine of interest to PLC Tax subscribers.

An update of news stories for the PLC Tax weekly e-mail for the week to 29 September 2009.

An update of news stories for the PLC Tax weekly e-mail for the week to 8 September 2009.

An update outlining the key developments in tax law and practice covered by updates published in August 2009.

The Finance Act 2009, which received Royal Assent on 21 July 2009, has furthered the UK government's ambition to be the leading international centre for Islamic finance by removing the tax barriers that have, in the past, made Islamic products less tax efficient than their conventional counterparts.

An update about The Taxes and Duties (Interest rate)(Amendment) Regulations 2009 (SI 2009/2032), made on 21 July 2009 and coming into force on 12 August 2009.

An update of news stories for the PLC Tax weekly e-mail for the week to 28 July 2009.

An update on the Finance Act 2009.

The High Court has held that insurance premium tax was not payable on an administration fee which was separately identified to the insured and paid under a separate contract with an insurance intermediary.

On 6 July 2009, the Financial Services Authority published a consultation paper proposing a change of policy on the enforcement of financial penalties. The proposals aim to increase transparency in the way the Financial Services Authority sets penalties, improve consistency in penalty-setting, and, most worryingly for financial services practitioners, increase significantly the level of penalties imposed.

An update on the decision of the High Court released on 25 June 2009 in the case of Rig Holdings L.P. (a limited partnership registered in Delaware) v Aeroflex Test Solutions Liimted [2009] EWHC 1440.

An update highlighting articles in the July 2009 issue of PLC Magazine of interest to PLC Tax subscribers.

An update on the Finance Bill 2009 debates of the Public Bill Committee on 9 June 2009.

An update about the European Commission's Taxes in Europe database.

An update outlining the key developments in tax law and practice covered by updates published in May 2009.

An update highlighting articles in the May 2009 edition of PLC Magazine of interest to PLC Tax subscribers.

An update on the publication date of the Finance Bill 2009.

An update on the 2009 Budget proposals affecting property.

The Chancellor, Alistair Darling, delivered his Budget on 22 April 2009. This update briefly summarises the most important private client tax announcements.

In Tamlura N.V. v CMS Cameron McKenna, the High Court dismissed a claim for professional negligence against a firm of solicitors in relation to a share sale, holding that the evidence did not substantiate the claim.

An update about the Capital Gains Tax (Annual Exempt Amount) Order 2009 (SI 2009/824) made on 31 March 2009.

An update outlining the key developments in tax law and practice covered by updates published in March 2009.

An update about the enactment of the Corporation Tax Act 2009 on 26 March 2009.

Since February 2007, a number of derivative claims have been filed in the US. Although there have been numerous predictions that a similar volume of derivative claims will be brought in the UK as a result of the current financial conditions, these predictions have not yet been fulfilled.

An update about the revised interest rates on late and overpaid tax announced by HMRC on 12 March 2009.

An update on HMRC's consultation on extra-statutory concessions published on 3 March 2009.

An update outlining the key developments in tax law and practice covered by updates published in February 2009.

An update about the change of interest rates announced by HMRC on 16 February 2009.

An update on the Budget 2009 announcement.

An update highlighting articles in the January/February 2009 edition of PLC Magazine of interest to PLC Tax subscribers.

An update outlining the key developments in tax law and practice covered by updates published in January 2009.

An update on The Income Tax Act 2007 (Amendment) Order 2009 (SI 2009/23), made on 12 January 2009

An update outlining the key developments in tax law and practice covered by updates published in December 2008.

An update about the revisions of interest rates announced by HMRC on 18 December 2008.

An update about the Corporation Tax Bill 2008-09, introduced into Parliament on 4 December 2008.

An update outlining the key developments in tax law and practice covered by updates published in November 2008.

An update on the decision of the Special Commissioner in Gower Chemicals Limited v HMRC [2008] SPC 00713, released on 5 November 2008.

An update about the revisions of interest rates announced by HMRC on 21 November 2008.

An update on the Pre-Budget Report 2008.

An update outlining the key developments in tax law and practice covered by updates published in October 2008.

The High Court has held that the issue of a closure notice by HM Revenue & Customs is irrevocable, so that if the notice refers to specific grounds for a decision, new arguments cannot later be raised.

On 22 September 2008, the High Court refused an urgent application by the investment management companies RAB Capital Plc and RAB Capital Market (Master) Fund to have their claim against Lehman Brothers International (Europe) dealt with by the courts as a matter of urgency.

An update on the extensions made on 20 October 2008 to HMRC's guidance on recognised stock exchanges.

A summary of those articles in the October 2008 issue of PLC Magazine that may be of interest to PLC Tax subscribers.

The Insurance Premium Tax Tribunal has held that insurance premium tax should be charged on an administration fee notwithstanding that the fee was separately identified in the underlying contract and paid to a person other than the insurer.

The next stage of implementation of the Companies Act 2006 will occur on 1 October 2008. This update highlights the provisions coming into force on 1 October and gives details of related new content published by PLC Corporate. Provisions coming into force on 1 October include: The duties of directors to avoid conflicts of interest and not to accept benefits from third parties (sections 175, 176, 180(1), (2) (in part) and (4) and 181(2) and (3)).The duty of directors to declare interests in proposed transactions or arrangements (section 177) and the duty to declare interests in existing transactions or arrangements (sections 182-187).Provisions relating to corporate directors and underage directors (sections 155-159).The repeal of the restrictions under the Companies Act 1985 on financial assistance for the acquisition of shares in private companies, including the "whitewash" procedure.The solvency statement procedure for private companies to reduce their share capital (relevant provisions of Chapter 10 of Part 17 and section 654).Provisions on trading disclosures (sections 82-85 and The Companies (Trading Disclosures) Regulations 2008 (SI 2008/495)).The application of certain provisions of Part 15 (accounts) to limited liability partnerships for financial years beginning on or after 1 October 2008.Provisions on objections to company names (sections 69-74 and The Company Names Adjudicator Rules 2008 (SI 2008/1738)). For further details, including of the remaining i

The September 2008 issue of PLC Magazine includes the following articles, which may be of interest to PLC Tax subscribers:1. Relocating employees: new tax headaches for employers.2. Executive incentives: taking private equity pay public.3. Multilateral trading facilities: risking more regulation?Additionally, PLC Tax subscribers have access to the Tax Bulletin articles written by Norton Rose.For the full list of contents for the September 2008 issue, click here.PLC Magazine is available online at the PLC Magazine homepage. If you would like to subscribe to PLC Magazine, or to receive a sample copy, please contact subscriptions by email or on 020 7202 1200.

PLC Tax subscribers may now access a new resource called PLC Tax deal analysis, which is designed to keep tax practitioners up to date with what is going on in the market. It includes:1. Articles about transaction structures, market practice developments and recent trends.2. Tables summarising the key features of recent transactions, with links to the underlying public documents.This new resource brings together materials from PLC Magazine and other PLC publications, the PLC market practice analysis team, PLC Corporate deal analysis and the PLC Tax service.

On 5 June 2008, the US Financial Accounting Standards Board issued an exposure draft of a proposed new Statement of Financial Accounting Standards relating to disclosure of loss contingencies, such as pending and threatened litigation. If adopted in its current form, the proposed statement will have significant implications for US financial reporting and legal privilege. It is also seen as a convergence opportunity, which may have implications for the equivalent international accounting standard.

A version of the Finance Bill 2008 as brought from the Commons was published on 7 July 2008 (see Finance Bill as brought from the Commons), incorporating amendments made at Report stage on 1 and 2 July 2008. This follows the publication of the amended version of the Finance Bill on 23 June 2008 after Committee stage (see Legal update, Amended version of the Finance Bill 2008 published). Finance Bills are supply bills and, as such, the Lords are debarred from offering any amendments. In practice, this means that the Finance Bill is now in its final form.

On 2 July 2008, the government's proposed amendments (see Legal update, Finance Bill 2008: government tables amendments (25 and 26 June 2008)) to the following provisions of the Finance Bill 2008 were agreed by the House of Commons at the Report stage:1. Schedule 3 (Entrepreneurs' relief). The amendment allows disposals of assets let to a personal company before 6 April 2008 (but not on or after then unless the rent is below open market) to qualify for entrepreneurs' relief. In discussing the relief, the government stressed the need for a link between a withdrawl from a business and an associated asset disposal for the relief to apply to that associated disposal.2. Clause 75 (Cars with low carbon dioxide emissions).3. Schedule 7 (Remittance basis).4. Schedule 17 (Insurance companies).In addition, the government stated that, due to an oversight, the rules for double tax relief on foreign income were not altered to reflect the reduction in the corporation tax rate. HMRC will discuss the solution with business and provisions, backdated to 1 April 2008, will be included in the Finance Bill 2009. Meanwhile, HMRC will use its statutory discretion to give the necessary double tax relief. The Finance Bill 2008 then underwent its third reading in the House of Commons and will now progress to the House of Lords, where it will be debated on 18 July 2008.Source: Report Stage Proceedings as at 2 July 2008; House of Commons Report Stage debate: 2 July 2008; House of Commons Thir

On 25 and 26 June 2008, the government tabled amendments to the Finance Bill 2008. The amendments will be debated in the Report stage (1 and 2 July 2008). The amendments relate to:1. Closing a loophole relating to the assignment of tax repayments (new clause 16 to be introduced: see Legal update, Tax repayments loophole closed: government tables amendments).2. Clause 75 (Cars with low carbon dioxide emissions): minor amendments, deferring from 2008 to 2013 the impact of changes for existing car hire contracts (amendments 22 and 23).3. Clause 128 (Set-off): minor amendments to reflect new clause mentioned at 1 above (amendments 24 to 26).4. Clause 129 (No set-off where insolvency procedure has been applied): minor amendments (amendments 27 and 28). 5. Schedule 3 (Entrepreneurs' Relief): minor amendment to transitional rules (amendment 29). 6. Schedule 7 (Remittance basis): a large number of amendments have been tabled, mostly to improve the drafting (amendments 50 to 87).7. Schedule 17 (Insurance companies): various amendments (amendments 30-33). As these are government amendments, they are very likely to be agreed. For background information about the Finance Bill 2008, including links to the Bill itself, explanatory notes, debates and commentary, see Practice note, Pre-budget, Budget and Finance Bill: Finance Bill 2008. Source: Finance Bill 2008: notices of amendments (1 July 2008).

On 19 June 2008, HMRC published two consultation documents which propose harmonisation of the rules relating to:1. Penalties for late filing of tax returns and late payment of tax. (The consultation does not propose any changes to filing or payment dates.)2. Interest on underpaid and overpaid tax.Overall, the penalty proposals are a welcome move to align the rules in this area across all taxes, including NICs. However, the proposed changes would lead to a stricter regime for taxpayers in some circumstances including:1. Increased and earlier use of tax-geared penalties for both late filing and late payment.2. HMRC would be permitted to impose daily penalties for late filing without prior authorisation by a tribunal (but with a right of appeal or review for the taxpayer).3. HMRC is considering requiring all employers to submit monthly PAYE returns and imposing interest or surcharge on late monthly payments of PAYE.4. Higher penalties for persistent defaulters.On interest, the key proposal is that interest would apply to all underpayments and overpayments of tax, including VAT and PAYE. HMRC favours retaining a differential between the rates of interest paid by and to HMRC.Comments on both documents are requested by 11 September 2008.Sources: HMRC: Meeting the obligations to file returns and pay tax on time and HMRC: Interest - working towards a harmonised regime.

On 17 June 2008, the following clauses of, and Schedule to, the Finance Bill 2008 were agreed, unamended unless otherwise stated, by the Public Bill Committee of the House of Commons:1. Clause 147 (Air passenger duty).2. Clause 148 (Stamp duty and stamp duty reserve tax: alternative finance investment bonds). Minor government amendments agreed (see Legal update, Finance Bill 2008: government tables amendments covering alternative finance arrangements, R&D tax relief and non-domiciliaries).3. Clauses 149 to 151 and Schedule 46 (Alternative property finance: anti-avoidance, power to vary, government borrowing). The minister announced that a consultation document relating to possible double charges to stamp duty land tax in public issues of sharia-compliant debt will be published on 26 June.4. Clause 152 (Power of Treasury to make payments).5. Clause 153 (Payments from certain Exchequer accounts: mechanism).6. Clause 154 (Power to give statutory effect to concessions).7. Clause 155 (Fuel duty: definition of "ultra low sulphur diesel").8. Clause 156 (Duties: abolition of disregard of fractions of penny).9. Clauses 157 (National savings).10. Clause 158 (EU emissions trading: criminal offences).The debate on clause 22 (periods of residence) was adjourned before the clause was agreed. The minister stated that the government is looking at whether a statutory test of individual residence could be developed.Source: 21st sitting Commons Committee stage debate (17 June, mornin

On 12 June 2008, the following clauses of, and Schedules to, the Finance Bill 2008 were agreed, unamended unless otherwise stated, by the Public Bill Committee of the House of Commons: 1. Schedule 38 (Disclosure of tax avoidance schemes). Minor government amendments (debated on 10 June) were agreed. 2. Clause 112 (Power to open or unpack containers). 3. Clauses 113 - 116 and Schedule 39 (Time limits assessments, claims etc). Minor government amendments to Schedule 39 and clause 114 agreed. 4. Clauses 118 - 121 and Schedules 40, 41 and 42 (Penalties and appeals etc). Government amendments to Schedules 40 and 41 agreed (see Legal update, Finance Bill 2008: proposed government amendments (3 June 2008)). Clause 117 does not fall within the scope of the Committee. 5. Clauses 122 - 133 and Schedules 43 and 44 (Payments and enforcement). 6. Clauses 134 - 135 (Inheritance tax). 7. Clauses 136 - 137 (Insurance premium tax). 8. Clauses 138 - 142 and Schedule 45 (Vehicle excise duty). Minor government amendments to Schedule 45 agreed. 9. Clauses 143 -145 (Climate change levy and landfill tax). 10. Clause 146 (Aviation duty). Source: 19th sitting Commons Committee stage debate (12 June, morning) and 20th sitting Commons Committee stage debate (12 June, afternoon). See also 18th sitting Commons Committee stage debate (10 June, afternoon).

On 10 June 2008, the following clauses of, and Schedules to, the Finance Bill 2008 were agreed, unamended unless otherwise stated, by the Public Bill Committee of the House of Commons:1. Schedule 36 (Information and inspection powers). The government amendments were agreed (see Legal update, Finance Bill 2008: proposed government amendments (3 June)). In debate, the Financial Secretary to the Treasury explained the way in which it was envisaged that HMRC would use these powers and referred to the need for a "change in culture" at HMRC. She said that HMRC will consult on guidance on the distinction between business and private residences. The question of extending privilege to tax advisers who are not lawyers was raised, and the Financial Secretary said that she would be giving the matter further thought.2. Clause 109 (Computer records etc). Minor government amendments were agreed.3. Clause 110 and Schedule 37 (Record keeping). In debate, the Financial Secretary to the Treasury noted that HMRC will consult on guidance in this area, particularly for small businesses.4. Clause 111 (Disclosure of tax avoidance schemes). The proposed government amendments to Schedule 38 were also agreed (see Legal update, Finance Bill 2008: proposed government amendments (3 June 2008)).Source: Public Bill Committee Stage: 10 June 2008, 17th sitting Commons Committee stage debate (10 June, morning) and 18th sitting Commons Committee stage debate (10 June, afternoon).

On the morning of 3 June 2008, the following clauses of the Finance Bill 2008 were agreed, unamended unless otherwise stated, by the Public Bill Committee of the House of Commons:1. Clause 61 (Controlled foreign companies). The amendments proposed by the government (see Legal update, Finance Bill 2008: proposed government amendments (15 May 2008)) were agreed. The Minister explained the avoidance schemes, disclosed to HMRC under the tax disclosure rules, that clause 61 is intended to block. In HMRC's view, few (if any) commercially driven arrangements will be affected by the changes and if they are, they should be protected by the CFC motive test. The Minister also stated that the introduction of a control test relating to the income of a company should not be taken as an indication of how the government intends to amend the CFC rules in the ongoing consultation on the taxation of foreign profits. Guidance on the new provisions will be published shortly, probably in the summer recess. 2. Clause 62 (Intangible fixed assets: related parties).3. Clause 63 (Repeal of obsolete anti-avoidance provisions.4. Clause 64 (Income of beneficiaries under settlor-interested settlements).5. Clause 65 (Income charged at dividend upper rate).6. Clause 66 (Payments on account of income tax). A minor amendment was made.7. Clause 67 (Allowances for non-resident nationals). 8. Clause 68 (Thermal insulation of buildings).9. Clause 69 (Expenditure on required fire precautions).10. Clause

On 22 May 2008, the Financial Secretary to the Treasury, Jane Kennedy, proposed amendments to the Finance Bill 2008 addressing:1. Capital allowances.2. Stamp duty land tax.3. Stamp duty.4. North sea oil and gas taxation.As these are government amendments, they are expected to be included in the final version of the Bill.NOTE ADDED 5 JUNE 2008: the section in this update on the amendments to the Annual Investment Allowance rules was amended on 5 June 2008 after the report of the Parliamentary debate of the amendments was published.

On the morning of 22 May 2008, the following clauses of, and Schedules to, the Finance Bill 2008 (as to which, see Legal update, Finance Bill 2008) were agreed, unamended unless otherwise stated, by the Public Bill Committee of the House of Commons:1. Clause 50 and Schedule 19 (Gift-aid: payments to charities).2. Clause 51 (Community investment tax relief).3. Clause 52 and Schedule 20 (Leases of plant or machinery). A minor consequential amendment was made to the Schedule.4. Clause 53 (Sale of lessor companies).5. Clause 54 (Double taxation relief).The Treasury minister announced that the government's proposed amendments to the provisions in the Bill relating to residence and domicile may be published on the HMRC website during the week beginning 26 May. Source: Public Bill Committee Stage: morning sitting (22 May 2008).

On the morning of 20 May 2008, the following clauses of, and Schedules to, the Finance Bill 2008 (as to which, see Legal update, Finance Bill 2008) were agreed, unamended unless otherwise stated, by the Public Bill Committee of the House of Commons:1. Clause 28 (Enterprise investment scheme).2. Clause 29 and Schedule 11 (Venture capital schemes).3. Clause 30 (Enterprise management incentives). The Treasury minister stated that guidance on the new 250 employee limit will be published after Royal Assent.4. Clause 31 and Schedule 12 (Tax credits for certain foreign distributions). The amendments to Schedule 12 tabled by the government on 15 May, which remove the tax credit from distributions by offshore funds in response to avoidance activity, were agreed (see Legal update, Finance Bill 2008: proposed government amendments (15 May 2008)).5. Clause 32 (Small companies relief: associated companies).6. Clause 33 and Schedules 13 and 14 (Company gains from investment life insurance contracts). Amendments were made to Schedule 14.7. Clause 34 and Schedule 15 (Trade profits: changes in trading stock). The Treasury minister stated that the intention of the legislation is to preserve the current caselaw and concessionary position and that HMRC extra-statutory concession A32 will become obsolete.8. Clause 35 (Non-residents: investment managers). The Treasury minister confirmed that all transactions that currently meet the definition of "investment transaction" in primary legis

In the 2007 Budget, Gordon Brown, then Chancellor, announced that the 10% starting rate of income tax would be abolished for earnings and pensions income with effect from 6 April 2008 (see Legal update, Budget 2007: Income tax allowances, rates and bands). However, this proved very unpopular as the effect would be to make the poorest members of society worse off. There were calls for the government to take action to counteract this effect (see Legal update, 10% starting rate: backbenchers withdraw Finance Bill amendment after Chancellor promises help).In response to this, on 13 May 2008, the current Chancellor, Alistair Darling, announced the following amendments to the income tax regime:1. Increasing the personal allowance for 2008/09 by £600, to £6,035, with effect from September 2008 but backdated to 6 April 2008.2. Reducing the higher-rate income tax threshold by £600 (presumably, also backdated to 6 April 2008). HMRC explained on its website that the higher-rate threshold is the total of the personal allowance and the basic rate limit, meaning that the basic rate limit (the level of taxable earnings, after the personal allowance is applied, from which higher-rate tax applies) would be decreased by £1,200 in total, to £34,800. The idea is to ensure that higher-rate taxpayers, who would be largely unaffected by the abolition of the starting rate, do not benefit from increased personal allowances.Draft legislation effecting these changes is to be included in

The amendments to the definitions of "trading company" and "trading group" in paragraph 34 of Schedule 2 to the Finance Bill 2008 proposed by the government were accepted by the Public Committee of the House of Commons on 8 May 2008.The definitions are relevant to claims for business asset gift relief and entrepreneurs' relief. For more information on the amendments see Legal update, Finance Bill 2008: government proposes minor amendments to capital gains tax provisions.On 8 May 2008, the following clause of, and Schedule to, the Finance Bill 2008 (as to which, see Legal update, Finance Bill 2008) were agreed, unamended unless otherwise stated, by the Public Bill Committee of the House of Commons: 1. Schedule 2 (Capital gains tax reform), as amended (see above). 2. Clause 7 (Entrepreneurs' relief). The debate on Schedule 3 (Entrepreneurs' relief) was adjourned until 13 May 2008. A member of the Committee queried whether it is right as a matter of policy that new section 169I(8) of the TCGA 1992 makes it easier for partners to qualify for the relief than it is for sole traders. Jane Kennedy (Financial Secretary to the Treasury) acknowledged that tax differences between the treatment of partnerships and sole traders may be a factor to be taken into account when structuring the business holding. Sources: Report of the Public Bill Committee Proceedings as at 8 May 2008, Public Bill Committee 8 May 2008 (morning) and Public Bill Committee 8 May 2008 (afternoon).

The government has proposed amendments to the definitions of "trading company" and "trading group" in paragraph 34 of Schedule 2 to the Finance Bill 2008. These definitions are relevant to claims for business asset gift relief and entrepreneurs' relief.As part of the abolition of taper relief, Schedule A1 to the Taxation of Chargeable Gains Act 1992 (TCGA 1992), which contains certain definitions, will be removed. Schedule 2 to the Finance Bill 2008 therefore introduces a new section 165A of the TCGA 1992, which substantially reproduces the definitions in Schedule A1, in particular, the meanings of "holding company", "trading company" and "trading group".In replicating the provisions relating to joint venture companies, paragraphs 23(4), (6) and (7) of Schedule A1 to the TCGA 1992 were omitted. The proposed amendments reproduce those provisions.For more information on the 2008 Budget capital gains tax reforms and entrepreneurs' relief, see Legal update, Budget 2008: Capital gains tax reform and Practice note, Entrepreneurs' relief.Source: Finance Bill 2008: Amendment Paper - Public Bill Committee Amendments as at 6 May 2008.

On 1 May 2008, it was announced that the Finance Bill 2008 will enter the Committee stage on 6 May 2008. From that date, the Committee will sit on Tuesdays (at 10.30 am and 4.30 pm) and Thursdays (at 9.00 am and 1.00 pm) when the House of Commons is sitting.The Notice of Amendments in which this was announced also details the order in which clauses and Schedules of the Finance Bill 2008 will be discussed by the Committee.Source: Finance Bill 2008, Notices of Amendments given on Wednesday 30th April 2008; Finance Bill 2008: progress summary.

On 28 April 2008, the following clauses of the Finance Bill 2008 (as to which, see Legal update, Finance Bill 2008) were agreed, unamended, by the Committee of the Whole House of Commons:1. Clause 3 (Abolition of starting and savings rates, and creation of starting rate for savings).2. Clause 5 (Small companies' rates and fractions for financial year 2008).3. Clause 6 (Rate of capital gains tax).4. Clause 21 (Amusement machine licence duty).Source: Committee of the Whole House Proceedings as at 28 April 2008; House of Commons Committee Stage debate: 28 April 2008.

The Finance Bill 2008 received its second reading in the House of Commons on 21 April 2008. For the Hansard transcript of the debate, see Second reading. As expected, much of the debate focused on the withdrawal of the 10% starting rate (clause 3 of the Finance Bill 2008). John McFall (Chairman of the Treasury Committee) offered to ask the Treasury Committee to explore measures with the government that would compensate for the withdrawal of the 10% starting rate with a view to reporting in June or July. While the Chief Secretary to the Treasury welcomed the offer, she indicated that it would be with a view to reporting back in advance of the Pre-Budget Report. Labour backbenchers have tabled an amendment seeking to defer the introduction of clause 3. The opposition are expected to table further amendments on Monday. A new early day motion was also lodged by the opposition. Clauses 3, 5, 6, 15, 21, 49, 90 and 117 and new Clauses amending section 74 of the Finance Act 2003 were committed to a Committee of the whole House (to be debated on 28 and 29 April 2008) with the remainder of the Bill committed to a Public Bill Committee (dates to be announced).For links to the debates and amendments tabled, see Finance Bill 2007-2008.

On 7 April 2008, OPSI published the final version of The Companies Act 2006 (Consequential Amendments etc) Order 2008 (SI 2008/948) (Order) which was made on 1 April 2008, together with an explanatory memorandum. The Order makes consequential amendments to UK legislation which contains references to earlier Companies Acts and concepts found in those Acts to take account of provisions of the Companies Act 2006 (2006 Act) that came into force on 6 April 2008, and provisions of the 2006 Act that will come into force on 1 October 2008. In addition, the Order makes a small number of consequential amendments to take account of provisions of the 2006 Act that came into force in 2007 and a small number of savings. No significant changes have been made to the Order since it was published in draft on 5 March 2008 (see PLC Legal update, Companies Act 2006: draft Companies Act 2006 (Consequential Amendments etc) Order 2008 published on OPSI).

The April 2008 issue of PLC Magazine includes the following articles, which may be of interest to tax lawyers: Finance Bill: UK residence and domicile. Financial assistance: foreign subsidiary. Accounts and reports: new Regulations. Additionally, PLC Tax subscribers have access to the Tax Bulletin articles written by Norton Rose.For the full list of contents for the April 2008 issue, click here.PLC Magazine is available online at the PLC Magazine homepage. If you would like to subscribe to PLC Magazine, or to receive a sample copy, please contact subscriptions by email or on 020 7202 1200.

We have learned from HM Treasury that, following the 2008 Budget (delivered on 12 March), the first version of the Finance Bill 2008 is expected to be published on Thursday 27 March 2008. This has been confirmed in a Statement by the Financial Secretary to the Treasury.We will publish a further update, including a link to the Bill, when it is published.

HMRC and HM Treasury Budget-related publications have now been published at these locations:1. HMRC Budget 2008.2. HM Treasury Budget 2008.

On 5 March 2008 OPSI published the draft Companies Act 2006 (Consequential Amendments Etc) Order 2008 (Order), together with an explanatory memorandum. The Order was laid before Parliament on 27 February 2008. The main purpose of the Order is to make consequential amendments to UK legislation which contain references to earlier Companies Acts and concepts found in those Acts to take account of the provisions of the Companies Act 2006 (2006 Act) that come into force on 6 April 2008 and 1 October 2008. In addition, the Order makes a small number of consequential amendments to take account of provisions of the 2006 Act that came into force in 2007 and a small number of savings. Of particular interest, the Order corrects an unintended consequence of the Third Commencement Order (2007/2194): provisions in that Order have the effect of requiring a company to disclose loans made to anyone caught by the 2006 Act definition of a "connected" person. This is contrary to the new disclosure requirement in section 413 of the 2006 Act (which will apply to financial years beginning on or after 6 April 2008), which applies only to transactions with directors themselves. To minimise the burden, the Order amends Schedules 6 and 9 of the Companies Act 1985 to remove the requirement to disclose transactions with connected persons in accounts for financial years ending on or after 6 April 2008. The Order does not cover consequential amendments to the legislation for which HMRC is respo

PLC Magazine is available online at the PLC Magazine homepage. If you would like to subscribe to PLC Magazine, or to receive a sample copy, please contact subscriptions by email or on 020 7202 1200.In addition to the Tax Bulletin articles written by Norton Rose, PLC Tax subscribers have access to PLC Magazine articles that are of interest to tax lawyers. The March 2008 issue contains the following such articles:1. The scheme: a most convenient and modern arrangement.2. Nil paid share schemes: assessing the advantages. For the full list of contents for the March 2008 issue, click here.

The draft Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2008, published on HMRC's website on 20 February 2008 and scheduled to come into force on 6 April 2008, will make changes to tax legislation which are consequential on the entry into force of parts of the Companies Act 2006 on 6 April 2008.Although there are no changes of substance, certain commonly used statutory references will change. In particular, schemes of arrangement will be made under Part 26 of the Companies Act 2006 (rather than section 425 of the Companies Act 1985).

An update highlighting articles in the November 2009 issue of PLC Magazine of interest to PLC Tax subscribers.