There were a number of consultations announced in the budget. Over the next few months we can expect consultations on R&D reforms, proposals to alter the taxation of non-domiciled individuals, how HMRC will work with tax agents, proposals to amend gift aid and CFC legislation. We can also expect this year discussion or consultation documents on income tax and NIC reform, pensions reform and IR35.
For a full list of open consultations, please click here.
One of the consultations already issued is “Rebalancing the Northern Ireland Economy”. It invites comments on a number of proposals and is open until 24 June 2011. It is interesting to note that the consultation invites discussion on allowing Northern Ireland to vary its corporation tax rates. The consultation states this would be to attract and expand private investment. Other tax options are also explored, including changes to R&D tax credits, annual investment allowance and National Insurance Contribution (NIC) holiday arrangements.
The consultation can be viewed here.