Further commentary on the Finance Bill measures published on 7 November and its progress through parliament since then.
On 7 November 2018, Finance Bill 2018-19 was published and, following up on our article last week, we are including commentary on a number of other key measures in this edition. The Bill’s path through Parliament is underway; on 12 November 2018 the Finance Bill received its second reading in the House of Commons and the House of Commons programme was agreed. A Committee of the Whole House will be discussing and considering various parts of the Finance Bill on 19 and 20 November. This will include, amongst others: income tax thresholds and reliefs; offshore receipts in respect of intangible property; profit fragmentation; hybrid mismatches; controlled foreign companies; CGT exit charges; corporation tax exit charges; entrepreneurs’ relief; stamp duty and SDRT; gaming duty; and international tax enforcement: disclosure arrangements. The remainder of the Finance Bill will then be discussed in the Public Bill Committee which is scheduled to conclude no later than 11 December 2018.
In our last issue of Tax Matters Digest we provided high-level commentary on a number of key areas of the Finance Bill where there were key changes from the draft Finance Bill, published on 6 July this year, or where significant new legislation has been introduced.
In this issue of Tax Matters Digest we provide commentary on other measures announced in the Finance Bill, including:
In addition to the above, various consultations were also opened alongside the Finance Bill. Last week we included an article on the new digital services tax. This week we have included an article on the consultation on amending consideration rules for stamp duty and SDRT.