There will be a Summer Finance Bill and also a National Insurance Bill now that MPs are back in Westminster. These were announced in the Queen's Speech last week.
The next Finance Bill will concentrate on anti-avoidance although it is expected that it may reintroduce many of the measures that had been cut from the first Finance Act of 2017 these include changes proposed for:
- Deemed domicile rules for long term non-UK domiciled individuals
- Corporation tax loss changes
- Corporate interest restrictions
- Substantial Shareholding exemption
as well as new measures such as:
- Making Tax Digital
- A reduction in the dividend allowance
- The Trading and Property £1,000 allowance
- Cash basis for property profits and losses
See Finance Act 2017: omitted clauses for a full list of possible new measures
The main tax bodies, as well as some members of both Houses of Parliament are keen that Making Tax Digital should be postponed until the results of the ongoing pilot are fully evaluated. it is perfectly possible that omitted measures will now be retabled to commence in 2018/19.
