Raising certain tax thresholds

The proposals in the Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill to make changes to tax thresholds for small and medium enterprises (as summarised on page 11 of the explanatory note to this bill) are to be withdrawn.

All these changes have now already been made as a result of the enactment of The Taxation (Business Tax Measures) Act 2009. The legislation was part of an urgent tax package for small and medium enterprises introduced by the government to make it easier for smaller businesses to manage their cash flows and meet their tax obligations. As part of this package, the tax threshold changes in this bill were brought forward so they could become effective as soon as possible, and in some cases further enhanced. The proposals are therefore no longer required in this bill.