§ Ms LawrenceTo ask the Chancellor of the Exchequer if he will make a statement on recent developments in respect of the Tax Law Rewrite project. [82998]
§ Dawn PrimaroloI am pleased to announce that the Tax Law Rewrite project is continuing to make very good progress. The Inland Revenue will shortly publish the project's fifth Exposure Draft, which contains draft clauses on capital allowances for machinery and plant, dredging and patents. Copies will be placed in the Libraries of the House.
This Exposure Draft is the second instalment in a series that will completely rewrite the capital allowances code. The rewritten legislation in this publication will form part of the first rewrite Bill, which will be on capital allowances. The Rewrite project is committed to full consultation. I hope that all those with an interest in legislation will welcome and use this latest opportunity to comment.