HM Treasury

Newsroom & speeches

26/12

29 March 2012

Publication of the Finance Bill 2012

The Government is today publishing the Finance Bill, which will enact tax measures announced in last week’s Budget and in the March 2011 Budget.

The Bill includes measures which maintain the Government’s strategy to reduce the deficit, while promoting far-reaching tax reform, supporting growth and rewarding work:

The Government has set about improving the way that tax policy is developed. As set out in our 2010 document Tax policy making, a new approach, we have committed to unprecedented levels of consultation and scrutiny. This Bill demonstrates this commitment. The measures in this Bill have, in the vast majority of cases, been through the proper tax policy making process:


Since then we have met again with interested parties, considered their views and reacted to them. For example, the changes that we have made to the new Controlled Foreign Companies regime are the result of a year-long consultation to ensure we achieve the best policy outcome.

The Exchequer Secretary to the Treasury, David Gauke MP, said:

"This year’s Finance Bill shows just how committed the coalition Government is to rewarding work, simplifying the tax system and tackling the nation’s debts. The measures in this Bill will create a tax system which supports a strong economy and promotes a fair society. In other words, a tax system that works for Britain".

Notes for editors

1. The Bill is formally known as Finance (No. 4) Bill as it is the fourth Finance Bill of the current Parliamentary session. On Royal Assent it will become Finance Act 2012.

2. More detailed Explanatory Notes on clauses are available from Stationery Office bookshops and also on HM Treasury website.

3. Further details on the Bill will be published on the Parliament website (opens in new browser window) and HM Treasury and HM Revenue & Customs websites as the Bill progresses through Parliament.

4. The new approach to tax policy making: a response to the consultation was published on 9 December 2010.

5. The Explanatory Notes are published on this website.

Back to top

Share

Facebook LinkedIn Twitter Digg RSS Stumbleupon Delicious Reddit Google Plus Share

Press notices

Subscribe

To receive the latest HM Treasury news find out more about our  

Contact us

Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238.

Non-media enquiries should be made to the Treasury Correspondence Unit on 020 7270 5000 or by email.