What does the election mean for the Finance Bill?
In light of the upcoming General Election amendments have been made today to the Finance Bill, which mean that substantial chunks will be cut out, to allow for fuller Parliamentary scrutiny later.
The measures to be left out include: reductions in dividend nil rate and pensions annual allowance; cash basis changes and trading and property allowances; carried-forward loss changes; corporate interest restriction; substantial shareholding exemption changes; deemed domicile changes; fulfilment businesses; making tax digital; partial closure notices; penalties for enablers; and requirement to correct offshore matters.
This does not mean that these measures have actually been dropped – just that they will be looked at later, depending, of course, on the result of the election. This may mean that there will be some changes to the dates from which measures will have effect.
For further information visit http://www.tax.org.uk/media-centre/blog/media-and-politics/government-drop-majority-finance-bill