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UK: Draft legislation for Finance Bill 2021

UK: Draft legislation for Finance Bill 2021

Draft legislation has been published for Finance Bill 2021 along with several new consultations and responses to consultations previously closed.


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There are provisions concerning:

  • Stamp duty land tax surcharge for non-UK residents 
  • Corporate interest restriction rules (one concerning the real estate investment trust (REIT) rules, and the second amendment so that no penalties arise for the late filing of an interest restriction return if there is a reasonable excuse for the failure)
  • New relief for housing cooperatives from the 15% stamp duty land tax and the annual tax on enveloped dwellings
  • New authority for HMRC to issue a “financial institution notice” to require financial institutions to provide information to HMRC when requested about a specific taxpayer, without the need for approval from the independent tribunal that considers tax matters

In addition to the draft legislation a number of new consultations were opened.

Read a July 2020 report prepared by the KPMG member firm in the UK

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