Publication of the Finance Bill

In his Budget statement, the Chancellor set out decisions to build a strong and strengthening economy to invest in Britain’s future. Finance Bill 2006 is published today, to enact many of the Budget measures. Paymaster General Dawn Primarolo said:

“The Government is committed to creating a modern and fair tax system which encourages work and saving provides the foundation for building world-class public services. The Finance Bill introduces important measures to modernise taxes to keep pace with a changing world, and to tackle tax avoidance and fraud.”

The attached “lobby notes” briefly describe the clauses and schedules in the Bill. The Bill itself, and explanatory notes, are available from the Stationery Office and on the internet.

Further details on the Bill will be published on the HM Treasury and HM Revenue & Customs websites as the Bill progresses through Parliament.
Also published today are a guidance note relating to the inheritance tax treatment for trusts (clause 157 and schedule 20) and two Regulatory Impact Assessments relating to the Bill:

Gift aid relief for companies wholly owned by one or more charities (clause 57); and
Company car tax rates (clause 59).

Notes to editors

1. The second reading of the Finance Bill will be on 24 April 2006.

2. Explanatory Notes to the clauses of the Bill are also published today, 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. The Bill and Explanatory Notes are published by the Stationery Office price £26.50 (for the Bill) and £39.50 (for the Explanatory Notes). The Finance Bill will also be available on the Parliamentary website (http://www.parliament.uk/), and the Explanatory Notes can be found on the HM Treasury website.

4. Regulatory Impact Assessments and guidance notes are available from the HMRC website: http://www.hmrc.gov.uk/ .

5. Media requests for further information should be addressed to

HM Treasury Press Office: 020 7270 5238
HM Revenue and Customs Press Office: 020 7147 2327

6. Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or HM Revenue and Customs on 0845 010 9000 or by e-mail to public.enquiries@hm-treasury.gov.uk .

7. This press release and other Treasury publications and information are available on the Treasury website at www.hm-treasury.gov.uk. If you would like Treasury press releases to be sent to you automatically by e-mail you can subscribe to this service from the press release site on the website.