The Leader of the House of Commons has confirmed that the Finance Bill 2016 will not receive Royal Assent until after the summer recess, with the remaining stages of the bill being considered in September.
There are a number of measures included in the Bill which will not be effective until Royal Assent is granted, including
- The introduction of Simple Assessment which will enable HMRC to issue an assessment notice to taxpayers setting out their tax liability without the need for them to submit a self-assessment return.
- ISA savings continuing to benefit from tax advantages during administration.
- Extension of new ECA enterprise zone reliefs to eight years.
- Certain pension flexibility measures such as those relating to serious ill health lump sums and trivial commutation sums, see Pensions: tax rules & planning.
- The requirement of larger business to publish their tax strategies.
The start-date for other proposals has already been brought forward in anticipation of the delay. In particular, measures to ensure that offshore developers and dealers of UK land are subject to UK tax on their profits take effect from 5 July 2016.
