HM Revenue and Customs, the UK's tax authority, has issued an update on the consultation on principles-based legislation relating to financial products used for tax avoidance. It was announced in March that the introduction of principles-based legislation to counter schemes involving disguised interest and transfers of income streams would be deferred to 2009 in order to allow more time for consultation. Now it says two documents will be issued in May setting out how this consultation is now to proceed. The first will deal with transfers of income streams and contain revised draft legislation as well as explaining how this affects concerns raised so far. The second document will cover disguised interest, summarising responses and including ideas intended to address concerns about the scope and effect of the legislation. Both documents will include the provisional timetable for the continuing work on these measures and explain what form the consultation will take.