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General Election and tax law

With the announcement of a snap General Election on 8 June the time available for scrutinising proposed legislation was short so the Finance Act was rushed through Parliament. Many clauses have not made it to the final legislation due to time constraints. These include the provisions to enable Making Tax Digital, changes for Non Domiciled individuals and corporate losses.

The clauses are likely to be reinstated after the General Election, when, hopefully, there will be more time to debate the measures in greater detail. The clauses that will make it through to the Finance Act are contained in the version of the Finance Bill introduced into the House of Lords.

Anita Monteith, tax manager at ICAEW said:

'Making Tax Digital plans remain controversial and need more scrutiny by those who will be affected, and most importantly proper parliamentary debate - a clear roadmap as to how MTD will work in practice is needed.'

'MTD is not coming into effect until April 2018, and the announcement of the general election on 8 June 2017 provided an opportunity to withdraw these clauses and schedule from the Finance Bill which will be debated today and likely to be enacted on 27 April.'

'These seminal clauses and schedule can be reintroduced after the election which will allow more time for proper scrutiny.'

Internet links: ICAEW news Parliamentary Bill

05 Dec 2018

Committee warns small businesses 'could pay heavy price' for MTD

The Economic Affairs Committee has warned HMRC that small businesses 'could pay a heavy price' for Making Tax Digital for VAT.

05 Dec 2018

Leaving the EU with no deal

The government has published a collection of documents in preparation for the scenario of the UK leaving the EU without a Withdrawal Agreement a so called 'no deal' Brexit.

05 Dec 2018

180,500 new homeowners benefit from stamp duty tax relief

According to statistics published by HMRC more than 180,500 first-time buyers have benefitted from First Time Buyers Relief.