Finance Bill 2020-21: legislation and consultations announced

On 21 July, the government released draft legislation for this year's Finance Bill, plus details of the consultations first trailed at the Spring Budget, Accountancy Daily has consolidated these announcements with full details below

Policy announcements included proposals to extend HMRC's Making Tax Digital programme, as part of the Treasury’s long-term tax digitisation plan designed to boost national productivity and reduce avoidable errors and fraud.

Legislation:

Digitisation of tax administration is key

Making Tax Digital to be extended

Tax checks on licence renewal applications

New SDLT rates for non-UK residents

Tackling promoters and enablers of tax avoidance schemes

Changes to tax treatment of termination payments

Amendments to HMRC’s civil information powers

ATED and SDLT relief for housing co-ops

Corporate interest restriction rules amended

Changes to working time requirements for Enterprise Management Incentives

 

Consultations:

Treasury releases 10-year digital tax strategy

Treasury consults on pensions tax relief administration

HMRC seeks views on tackling disguised remuneration tax avoidance

‘Fundamental’ overhaul of business rates in view

New economic crime levy

New carbon emissions tax

Plans for NICs holiday for military veterans’ first civilian job

Expanding qualifying expenditure for R&D tax relief

HMRC looks at modernising stamp taxes on shares

 

Delays to draft legislation

As a result of the coronavirus pandemic, the consultation periods for the following measures were extended:

  • plastic packaging tax
  • R&D SME tax credit PAYE cap
  • construction industry scheme abuse
  • notification of uncertain tax treatment by large businesses

Draft legislation for these measures will be published later in the autumn.

 

Further reading:

Finance Bill 2020–21 overview 

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