The government has confirmed that the Finance Bill that was expected to be passed this month will now be delayed and then introduced as soon as possible after parliament's summer recess.
It is confirmed that this new bill will legislate for all the policies that had been omitted from the 2017 Finance Act and the government has also re-confirmed that all policies originally announced to start from April 2017 will be effective from that date.
The list of provisions which will be effective from the start of the tax year include:
- Taxable benefits: time limit for making good
- Tax-free pensions advice
- Relaxation of business investment relief
- £1,000 Trading and property allowances
- Corporate interest restrictions
- Profits from the exploitation of patents: cost-sharing arrangements
- Elections in relation to assets appropriated to trading stock
- Substantial shareholding exemption
- Deemed domicile: income tax and capital gains tax
- Deemed domicile: inheritance tax
- Inheritance tax on overseas property representing UK residential property
- Disposals concerned with land in United Kingdom
Source:
HM Parliament: Written Statement by Mel Stride , Financial Secretary to the Treasury.
Full list of provisions which have effect from the start of the tax year or from some other date occurring before the release of the Autumn Finance Bill.
