Autumn Statement Heralds “Legislation Day”

At 12:30 p.m. on 5th December, the Chancellor of the Exchequer, George Osborne, will deliver his Autumn Statement in which he will provide an update on the Government's plans for the economy based on the latest forecasts from the Office of Budget Responsibility. Six days later, on 11th December, the draft Finance Bill 2013 clauses will be announced, causing many commentators to dub this “legislation day”.

In a written ministerial statement, David Gauke, the Exchequer Secretary to the Treasury, confirmed the coalition’s announce→consult→publish→enact tax law, approach to tax policy:

“The Government's approach to tax policy making places great emphasis on policy consultation and scrutiny of legislation.

Over the summer, HM Treasury and HMRC have been seeking the views of interested parties on over 35 of the tax policies announced at Budget 2012. Responses to these consultations will be published on or by 11 December 2012.

As part of the next stage of consultation, draft legislation for these measures, to be included in Finance Bill 2013, will also be published on that date. This will be supplemented by draft Explanatory Notes and Tax Information and Impact Notes. The draft clauses will be open for consultation until 6 February 2013.”

The draft Finance Bill clauses will begin to put many of the measures announced in the last Budget that have since been the subject to consultation on a firmer footing, such as:

  • The taxation of controlling persons (IR35);
  • Lifting the lid on tax avoidance schemes;
  • General Anti-Abuse Rule (GAAR);
  • Disincorporation relief;
  • Income tax rules on interest;
  • Simpler income tax for the simplest small businesses; and
  • Statutory residence test.

The Autumn Statement follows a March Budget that saw a number of u-turns on taxes involving such things as hot food, static caravans, charitable giving and church restorations.

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