The government has published the first batch of its new policies and consultations alongside a draft Finance Bill for 2021. We have reviewed the following measures.

Income tax, claims & reliefs

Post-Employment Notice Pay on termination of employment:

See Post-Employment Notice Pay on termination of employment

Pensions: collective money purchase benefit schemes:

Employers

VBC reduced to nil for zero-emission vans:

Changes to working time requirements for Enterprise Management Incentive (EMI) schemes:

  • The government has published a policy paper 'Changes to working time requirements for Enterprise Management Incentives'. It proposes measures to ensure that individuals who are furloughed/have had their working hours reduced below the statutory working time requirement for EMI due to COVID-19 will retain the tax advantages of the scheme. This extends measures already introduced by Finance Act 2020 to EMI options granted after 19 March 2020.
  • Draft legislation

Companies

Technical amendments to the Corporate Interest Restriction for Corporation Tax:

Penalties, assessment, & compliance

Licence renewals to come with a new tax check:

See Licence renewals to come with a new tax check

Proposed Amendments to HMRC's civil information powers:

See Proposed Amendments to HMRC's civil information powers

Government consults on how to tackle tax avoidance schemes:

See Government consults on how to tackle tax avoidance schemes

Stamp duty

Modernisation of the stamp taxes on shares framework:

Land & Property

Non-UK Resident Stamp Duty Land Tax Surcharge: 

See SDLT: Non-residents' extra surcharge draft proposals

Stamp Duty Land Tax (SDLT) relief from the higher rates:

Annual Tax on Enveloped Dwellings (ATED):

Other

Changes to Small Brewer's Relief:

  • The government has concluded its review of the Small Brewer's Relief and announced that it intends to remove the 'cliff-edge' of production levels and taper relief.

See Changes planned to Small Brewer's Relief


Useful guides for our subscribers

Finance Act 2020: Rolling planner and tracker
Follow key tax announcements in real time

Finance Bill 2021: proposals to date
We list the proposals for the new bill.

 

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