§ Lord Davies of OldhamMy right honourable friend the Paymaster General has made the following Ministerial Statement.
I am pleased to tell the House that the Tax Law Rewrite Project will today reach another major milestone. The Inland Revenue will publish the project's third draft Bill, on trading, property, savings and investment and miscellaneous income, for a final round of consultation. The Bill will also cover the special rules for foreign income and partnerships and the relief rules for rent-a-room and foster carers. The Bill will be ready for introduction in Parliament by the end of the year.
Earlier versions of this rewritten legislation have been extensively revised in the light of comments and suggestions from tax professionals and other interested parties. This continuous dialogue between the project team and business interests, tax practitioners, the legal profession and Inland Revenue specialists is a key feature contributing to the success of the project.