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Draft legislation published for Finance Bill 2020-21

The government has published the draft legislation for Finance Bill 2020-21, along with accompanying explanatory notes, tax information and impact notes. The consultation on draft clauses is intended to make sure that the legislation works as intended. The consultation will close on 15 September 2020.

The Finance Bill will contain the legislation for some of the tax measures that have been previously announced by the government many of which have since been the subject of further consultation.

The publication of the draft Finance Bill is in line with the current approach to tax and where the government committed to publishing most tax legislation in draft for technical consultation before the legislation is laid before Parliament.

This Finance Bill will see the introduction of a number of measures from April 2021 including:

  • Changes to the van benefit charge regarding zero emission vans.
  • Changes to collective money purchase pension schemes.
  • Changes to the treatment of termination payments and post-employment notice pay for Income Tax.
  • Changes to working time requirements for Enterprise Management Incentives.
  • New rates of Stamp Duty Land Tax for non-UK residents from 1 April 2021.
Source: HM Treasury Wed, 22 Jul 2020 05:00:00 +0100

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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