Written Ministerial Statement, Tax Information and Impact Note and draft legislation issued 24 May 2011

Legislation to have effect in respect of payments on or after 6 April 2011

HMRC has confirmed that the finance (No 3) Bill will close a loophole that currently allows some UK residents who transfer rights in a UK scheme to an overseas scheme to receive payments from the overseas scheme tax free under the terms of a current double taxation agreement.