Draft Finance Bill 2018-19
10 July 2018
Several measures under the Finance Bill 2018-19 have been published for consultation with a closing date of Friday 31 August 2018.
The Finance Bill is the vehicle for renewing annual taxes, delivering new tax proposals and maintaining administration of the tax system. Each measure under the Bill is accompanied by:
- a tax information and impact note (TIIN) which sets out what the legislation seeks to achieve, why the government is undertaking the change and a summary of the expected impacts;
- draft legislation; and
- an explanatory note which provides a more detailed guide to the legislation.
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CIPP comment The final contents of ‘Finance Bill 2018-19’ will be subject to confirmation at Budget 2018 (the date is yet to be confirmed but is likely to take place in November). We will provide more detail about the individual changes which are relevant to payroll professionals in separate news items over the next week or so but in the interim, below is a list of the measures included in this Bill (all links can be found within the Finance Bill 2018-19). |
Personal Tax draft legislation
- Abolition of receipt checking for benchmark scale rates and changes to overseas scale rates
- Income Tax rent a room relief
- Simplification of donor benefits rules for Gift Aid
- Changes to Optional Remuneration Arrangements rules for taxable cars and vans
- Workplace charging for all-electric and plug-in hybrid vehicles
- Changes to the treatment of emergency vehicles for private use
- Reform of employer contributions into life assurance and overseas pension schemes
Business Tax draft legislation
- Income Tax and Corporation Tax response to accounting changes for leasing
- Corporation Tax changes to the corporate interest restriction rules
- Climate Change Levy exemption for mineralogical and metallurgical processes
- Changes to the Corporation Tax reform of loss relief rules
- Corporation Tax on UK property income of non-UK resident companies
- Oil and gas taxation: transferable tax history and retention of decommissioning expenditure
Indirect Tax draft legislation
- Tobacco duty on heated tobacco
- New still cider and perry bands for Alcohol Duty
- HGV Levy
- VAT grouping eligibility criteria changes
- Exempt zero-emission capable taxis from Vehicle Excise Duty expensive car supplement
- Changes to Gaming duty accounting periods and administration
Stamp Duty draft legislation
- Stamp Duty exemption for financial institutions in resolution
- Changes to the Stamp Duty Land Tax filing and payment time limits
Tax administration and anti-avoidance draft legislation
- Extension of offshore time limits for the assessment of tax
- Extension of security deposit legislation
- Interest harmonisation and sanctions for late payment
- Technical note on late submission penalties
- Profit fragmentation
EU directives draft legislation
- VAT treatment of vouchers
- Implementing a directive on tax dispute resolution mechanisms in the EU
- Anti-Avoidance Directive about controlled foreign companies and EU Exit
- Changes to the Corporation Tax exit charges
- Hybrid and other mismatches Anti-Tax Avoidance Directive
- International Tax Enforcement disclosable arrangements
Capital Gains Tax draft legislation
- Capital Gains Tax and Corporation Tax on UK property gains
- Entrepreneurs’ Relief where shareholding ‘diluted’ below the 5% threshold
- Deferral of exit charge payments for Capital Gains Tax