Parliament has decided to drop more than half of the Finance (No 2) 2017 Bill: there is unsufficient time to debate the full bill before June's General Election. It also made some amendments and added five new clauses to remaining bill.
The remaining clauses and additions to the Finance Bill will go through all its parliamentary stages on 25 April, and will be enacted before parliament is dissolved on 3 May.
Clauses dropped from what had been the UK's longest ever finance bill include those on:
- Making Tax Digital
- Deemed domicile
- Changes to company losses and
- The new £1,000 trading and property allowances.
It is expected that the dropped clauses will be reinstated in the next Finance Bill.
Comments
- There is normally a budget immediately following the General Election, however there is also a budget already planned for the Autumn. Whatever happens, the result should allow more for scrutiny of overly complex areas such as the corporate loss rules.
- Tax professional may be hoping that intended secondary legislation for Making Tax Digital will be replaced by primary legislation.
Links
What's left of Finance (No 2) 2017 Bill
Showing what has been dropped and what has not
New clauses added to Finance (No 2) Bill
A statutory review of international tax avoidance, a review of VAT on Scottish Fire and Police services, tax relief for the Lords expenses and changes relating to the Oil industry.
Do you like our content and want to know more? Sign up now * for Nichola's FREE SME tax news, tips and topical updates...read more
*There are no strings attached: you will be free to unsubscribe at any time and we don't pass on anyone's details to anyone else and as you can see we don't blur our content with annoying adverts.
