Debt and Derivatives

Treasury written question – answered on 27th March 2007.

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Photo of David Gauke David Gauke Conservative, South West Hertfordshire

To ask the Chancellor of the Exchequer what representations he has received on proposals to rewrite the tax law in relation to debt and derivatives.

Photo of Dawn Primarolo Dawn Primarolo Paymaster General (HM Treasury)

The Tax Law Rewrite project's work involves widespread consultation with representative bodies and others interested in tax legislation. In the ordinary course of this process, representations have been received by the project about whether the loan relationships and derivative contract legislation should be rewritten and if so, when.

The Consultative Committee of the Tax Law Rewrite project is made up of a wide range of representative bodies including those that made representations about this issue. It recently agreed the proposal to include these rewritten provisions in the first of the two corporation tax rewrite Bills. This decision was endorsed by the project's steering committee.

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