The much-anticipated draft Finance Bill was published on the 11th July covering a number of areas including:
Income Tax draft legislation
- Rules for off-payroll working from April 2020
- Taxable benefits and rules for measuring carbon dioxide emissions
- Income Tax relief and the Enterprise Investment Scheme approved knowledge-intensive fund
- Income Tax and the treatment of expenses for voluntary office holders
Chargeable Gains legislation
- Changes to ancillary reliefs in Capital Gains Tax Private Residence Relief
- Corporate capital loss restriction for Corporation Tax
- Capital Gains Tax relief on loans to traders
Corporation Tax legislation
- Deferral of Corporation Tax payments on EU group asset transfers
- Income Tax and Corporation Tax rules for spreading transitional adjustments on new lease accounting
Corporation Tax and Income Tax legislation
- Share loss relief for Income Tax and Corporation Tax
Digital Services Tax legislation
- Introduction of the new Digital Services Tax
Other taxes legislation
- Transfer of unlisted securities to connected companies for Stamp Duty and Stamp Duty Reserve Tax
- Post duty point dilution for wine and made-wine
- Inheritance Tax and excluded property added to and transferred between trusts
- Inheritance Tax treatment of Kindertransport Fund payments
- Rules to measure carbon dioxide emissions for Vehicle Excise Duty
- Medical courier charities exemption from Vehicle Excise Duty
Miscellaneous legislation
- Changes to protect tax in insolvency cases
- Tax abuse using company insolvencies
- Technical and procedural amendments to the General Anti-Abuse Rule
- Windrush Compensation Scheme payments exemptions from Income Tax, Capital Gains Tax and Inheritance Tax
Detailed information can be found on the government website by clicking here however, our expert tax team will be issuing updates covering these areas shortly.
Should you require any immediate advice, please do not hesitate to get in touch or speak to your usual Smith Cooper contact.