Regulation making powers in the Finance Bill 2008

We have been asked about the interaction of new regulation-making powers included in the Finance Bill and any regulations HM Revenue & Customs (HMRC) are planning to make using those powers. The regulation-making powers included in the Finance Bill do not become law until the Bill has received Royal Assent. This process is normally completed by mid-July. Any regulations using the powers within the Finance Act can not be laid before Royal Assent; when these will be laid will depend, in part, on the number and nature of representations made. The proposed commencement date will normally be included in each draft. Some regulations may be retrospective and so will ultimately have effect from a time even before they are made and laid.