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Finance Bill delay

Source: HM Government | 02/01/19

The government published Finance (No.3) Bill 2017-19 on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance Bill in the current special two-year session of Parliament. The Bill, colloquially known as Finance Bill 2018-19 will become Finance Act 2019 after Royal Assent is received which is expected in March 2019 before the Brexit deadline.

The progress of the Bill through parliament was delayed as a result of the extensive Brexit debate that took place before the Christmas recess. The Bill is now due to have its report stage and third reading on Tuesday 8 January 2019, a day after parliament returns to the House of Commons. Amendments can be made to the Bill at Report Stage.

Some of the measures included within the Bill are:

  • The Income Tax rates, thresholds, and allowances for 2019-20. This includes meeting the government’s commitment to increase the basic personal allowance to £12,500 and the higher rate threshold to £50,000.
  • The setting of the Corporation Tax rate for 2020-21 at 17%. The rate for 2019-20 remains at 19%.
  • The temporary increase in the Annual Investment Allowance (AIA) from £200,000 to £1m for two years from 1 January 2019.
  • The introduction of a new 30 day reporting and payment deadline for CGT on UK residential property gains from 6 April 2020.
  • A number of changes to Entrepreneurs’ Relief that have been subject to modification from what was originally proposed.
  • A reduction in the tax writing down allowance from 8% to 6% from April 2019.
  • The current VAT registration limit (£85,000) and deregistration limit (£83,000) will continue to apply for a further two years; until 31 March 2022.

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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC

FT

BBC

VEALE WASBROUGH VIZARDS

CESP

PRACTICE INDEX

SIMCOMM ACADEMY

More Local:

FOOTPLATE EXPERIENCE

ANGLEBURY PRESS

OFFCAMBER.CO.UK

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