Parliament has decided to drop more than half of the current Finance Bill as there is insufficient time to debate this in full before June’s General Election.
The remaining clauses of the Finance Bill have been going through all of the parliamentary stages and will be enacted before parliament is dissolved tomorrow.
Clauses dropped from what had been the UK’s longest ever finance bill include those on Making Tax Digital, putting in doubt the proposed start date of April 2018 for sole trader with turnover in excess of the VAT threshold.
Also dropped are clauses on:
- Changes to company losses (see last week’s tax chat)
- The new £1,000 allowance for small trades and property businesses, and
- The new deemed domicile rules
It is expected that the dropped clauses will be reinstated in the next Finance Bill, if the Government is re-elected. There is usually a budget immediately following the General Election, however there is also a budget already planned for the Autumn, as part of the move back to one Budget per year.
For more information, please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org.