ICAEW responds to Finance Bill 2021 consultations

Released 22 April 2021

The Institute of Chartered Accountants in England and Wales (ICAEW) has responded to five government consultations on Finance Bill 2021 measures.

The responses are:

ICAEW REP 39/21 Finance (No. 2) Bill 2019–21 – payment penalties: Briefing submitted to MPs on 12 April 2021 on Finance (No. 2) Bill 2019-21 published by government on 11 March 2021 on clause 113 and schedule 25 which relates to penalties for failure to pay tax;

ICAEW REP 38/21 Finance (No. 2) Bill 2019–21 – Construction Industry Scheme: Briefing submitted to MPs on 12 April 2021 on Finance (No. 2) Bill 2019–21 published by government on 11 March 2021 on clause 30 and schedule 6 which relates to changes to the Construction Industry Scheme;

ICAEW REP 37/21 Finance (No. 2) Bill 2019–21 – termination payments: Briefing submitted to MPs on 12 April 2021 on Finance (No. 2) Bill 2019-21 published by government on 11 March 2021 on clause 22 which relates to payments on termination of employment;

ICAEW REP 36/21 Finance (No. 2) Bill 2019–21 – trade losses for furnished holiday lets: Briefing submitted to MPs on 12 April 2021 on Finance (No. 2) Bill 2019-21 published by government on 11 March 2021 on clause 18 and schedule 2 related to the temporary extension of periods to which trade losses may be carried back. It focuses specifically on the attempt to ensure that UK furnished holiday letting (FHL) businesses can off-set trading losses from 2020/21 and 2021/22 over the previous three years; and

ICAEW REP 35/21 Finance (No. 2) Bill – super deduction: Briefing submitted to MPs on 12 April 2021 on Finance (No. 2) Bill 2019–21 published by government on 11 March 2021 on clause 9 which relates to super-deductions and other temporary first year allowances.

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