The Government has published the Finance Bill 2012, in which tax measures announced in Budget 2011 and 2012 come into force.
This year's Bill includes ongoing measures to maintain the Government's deficit reduction strategy, whilst supporting growth and employment. It also hopes to undertake significant tax reforms.
Key legislation in the Bill includes:
The Government has committed to confirm the majority of Finance Bill measures at least three months prior to introduction, with 400 pages of legislation published in the draft Finance Bill in December 2011. It also aimed to open up the Bill to thorough consultation and scrutiny.
The exchequer secretary to the Treasury, David Gauke, said: "This year's Finance Bill shows just how committed the coalition Government is to rewarding work, simplifying the tax system and tacking the nation's debts.
"The measures in this Bill will create a tax system which supports a strong economy and promotes a fair society. In other words, a tax system that works for Britain".