37/04

8 April 2004

Publication of the Finance Bill

Decisions to build a strong economy and fair society with opportunity for all were set out by the Chancellor in his Budget Statement in March.

Finance Bill 2004, which enacts many of the Budget measures, is published today.  Paymaster General Dawn Primarolo said:
 
“The Government is committed to creating a modern and fair tax system which encourages work and saving, and raises sufficient revenue to pay for investment in public services. The Finance Bill introduces important measures to modernise taxes, keeping pace with real world developments and with the global economy, and to tackle tax avoidance and evasion.”

The attached background notes briefly describe the clauses and schedules in the Bill.  More detailed explanatory notes on clauses are available from Stationery Office bookshops and on the internet. 

Further explanatory notes will be made available from HM Treasury for amendments to the Finance Bill as and when they are made during its passage through Parliament.  Also, where Ministers undertake to write to Members of Parliament with further detailed explanations regarding a particular measure, such letters will be publicised.  This will be by way of the HM Treasury, Inland Revenue or Customs and Excise website, or by Press Notice or Business Note as appropriate.

And the following Regulatory Impact Assessments relating to clauses in the Bill are available on the Inland Revenue (IR) and Customs and Excise (C&E) websites today:

Clause 4:     Tackling Spirits Fraud (C&E)
Clause 19:  Disclosure of VAT avoidance schemes (C&E)
Clause 19:  Disclosure of VAT avoidance schemes (C&E)
Clause 20:  VAT: Groups (C&E)
Clause 28:  The non-corporate distribution rate (IR)
Clause 78:  Employer-supported childcare (IR)
Clause 80:  Employer provided vans (IR)
Clauses 139-270: Pension Simplification (IR)
Clauses 290-302:  Disclosure of Tax avoidance schemes (IR)

NOTES TO EDITORS

1.  The second reading of the Finance Bill will be on 20 April 2004.

2.   Explanatory Notes will be available for each clause and schedule of the Bill. The Notes are being deposited in Parliament, with the authority of Ministers, to provide Parliament with a better understanding of the purpose and effect of the Government’s proposals during the passage of the Finance Bill.

3. These are both published by the Stationery Office and will be available in electronic and paper formats: the Finance Bill from the Parliamentary website, and the Explanatory Notes can be found on the Treasury website, along with material on other Treasury matters.

4.  From Stationery Office bookshops, the Finance Bill is available price £33.00 and the Explanatory Notes price £43.00.

5.  Regulatory Impact Assessments are available from the Inland Revenue and Customs and Excise websites.

6.  Media requests for further information should be addressed to:

HM Treasury Press Office:  020 7270 5238
Non-media enquiries:  020 7270 4558 VAT: Groups (C&E)

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Finance Bill Explanatory Notes 2004
Press Notices January to June 2004 index