Draft clauses and Explanatory Notes on partnership losses have been published for public consultation. Comments on these draft clauses are invited by 28 March 2008.

In addition, draft clauses and Explanatory Notes on small companies’ relief and relief against income for losses on the disposal of shares have been published. Comments on those draft clauses are invited by 18 April 2008.

Comments received on other clauses, together with the HMRC responses, have been published.

Further HMRC Consultations

HMRC have announced further consultations in the area of penalties reform, a new approach to compliance checks and collection of tax debts. Comments on the three consultations should be made by 6 March 2008.

* Penalties Reform

This is a consultation on proposals to extend the new framework for charging penalties for incorrect returns and introduce a new aligned penalty for failure to notify HMRC of a taxable activity.

* Compliance Checks

This is a consultation on proposals for a new framework for HMRC to check that taxpayers are paying the right amount of tax.

* Collection of tax debt

This is a consultation on four proposals to changes in the way that HMRC collects tax debt and ensure that taxpayers pay what they owe.