Tax bill reported back

The Finance and Expenditure Committee has reported to Parliament on the Taxation (Annual Rates, Savings Investment, and Miscellaneous Provisions) Bill, introduced in May 2006. The central feature of the bill is a comprehensive reform of the taxation of income from investment through managed funds and from offshore portfolio investment in shares. The main change recommended by the committee is to replace the originally proposed method of taxing income from offshore share investments with a "fair dividend rate" method. For information on all the changes recommended by the committee see the bill as reported back and the four-volume officials' report on submissions.