Posted by Gary Mackley-Smith on July 14, 2017
A selection of updated draft clauses have been published by the government in anticipation of a second Finance Bill for 2017, the introduction of which has been deferred from the summer to the autumn.
There will be other clauses on such matters as Making Tax Digital and the reduction in the dividend tax allowance that will be published later when the Finance Bill itself is made available.
The Bill will be published as soon as possible after the summer recess, likely to be September/October. This could present problems as there will be another Finance Bill in November with the Autumn Budget. There will thus be a very concentrated period whilst the autumn Finance Bill is debated, at the same time as knotty issues on Brexit are dealt with, leaving little time for proper scrutiny before the next Finance Bill. With tax legislation becoming ever more complex, this is unwelcome.
Where tax policies were previously announced as applying from April 2017 or another time point, the government says there will be no change of policy and the original dates will be kept. This will be welcomed by those who had already taken action on the new rules for non-domiciles.
Anyone affected by the measures should continue to assume that they will apply as originally announced.
If you have any queries regarding tax measures that may affect you, please contact your usual Bishop Fleming adviser.
See also our earlier article on the Queen’s Speech.