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
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:
