The Financial Secretary to the Treasury on 12 November 2020 released a written statement providing an update on a number of tax policy measures including further draft legislation for Finance Bill 2021.
For businesses taxpayers, it was announced that implementation of the requirement for large businesses to notify HM Revenue & Customs (HMRC) of uncertain tax positions would be delayed until April 2022 and that the temporary increase in annual investment allowance to £1 million would be extended until 31 December 2021.
In addition, a HMRC consultation on “making tax digital” for corporation tax was opened.
Alongside the announcements, draft legislation was published on several measures that have recently been subject to consultations including hybrid and other mismatches, plastic packaging tax, and addressing construction industry scheme abuse.
Read a November 2020 report prepared by the KPMG member firm in the UK
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