Tuesday 6 December proved busy for UK practitioners with the publication of draft 2012 Finance Bill clauses. Responses to a number of key tax consultations undertaken earlier in the year were also issued with, in some cases, accompanying draft legislation and a number of tax updates on other matters. And the following day the Chancellor announced that the Budget will be held on Wednesday 21 March. More information was also published on items contained in the Autumn Statement covered in the December issue of tax.point.

There was nothing unexpected in the draft clauses which can be accessed at http://www.hmrc.gov.uk/budget-updates/march2011/draft-tax-finance-bill-2012.htm#5. A useful overview document was also published summarising the draft legislation, alongside updates on measures that will be included in the Finance Bill, but where draft legislation is not being published at this stage.

The draft clauses are available for technical consultation until 10 February 2012 with the majority of the measures contained therein having previously been announced at Budget 2011, and where necessary, views sought on policy over the summer through the consultation process. In the Government's opinion the draft legislation reflects the outcomes of these consultations with response documents also now published.

Furthermore, the Tax Professionals Forum has completed an assessment of the Government's progress against the aims originally set out for improving tax policy, with their report available on HM Treasury website.

HMRC has also now published its response to several key consultations recently undertaken including the consultation ‘Establishing the future relationship between the tax agent community and HM Revenue & Customs’ which this Institute responded to in September.

Our submission can be accessed from our website www.charteredaccountants.ie with HMRC's response available from their website at http://customs.hmrc.gov.uk

By way of background, Chartered Accountants Ireland is a member of the Joint Tax Agent Strategy Steering Group, a joint Committee with HMRC and the representative bodies to try to improve the effectiveness of the agent strategy change programme via this consultation.

Automatic Enrolment into Pensions 2012-Actions for Employers

Changes to pensions law, which will come into effect this year, will affect every employer in the UK with the intention of helping more people save for retirement. Employers must comply with the new rules and any associated duties as a result.

The changes mean an employer must automatically enrol certain members of their workforce into a pension scheme and make a contribution towards the pension fund. The scheme must be a scheme suitable for automatic enrolment, and it must meet certain minimum qualifying standards.

A new pension scheme, NEST (National Employment Savings Trust) has been established, which is available to any employer who chooses to use it. This will enable all employers to provide a pension scheme for their workers using NEST or, where the scheme meets the necessary requirements, their own scheme or another pension provider.

Payroll administrators will be able to assist employers in meeting the obligation to ensure that certain members of the employer's workforce are automatically enrolled into a suitable pension scheme and make sure that (employer and employee) contributions are paid to the scheme in respect of those members.

The new duties are being introduced over four years, starting with the UK's largest companies in 2012; with other employers to follow between 2013 and 2016.