Finance (No.3) Bill—that would become Finance Act 2019—was published on 7 November 2018.
The Finance Bill is largely as expected following the Autumn Budget, but with further detail regarding certain areas. Currently, there is no information as to an exact timetable for the passage of the bill other than the second reading, scheduled for 12 November 2018. There were also a number of related consultations—in particular, the proposed digital services tax.
There are various areas where there have been key changes to the draft Finance Bill clauses (published 6 July 2018), with new legislation having been introduced about:
Other items of note in the Finance Bill include:
The Finance Bill introduces two capital gains-related measures for corporation tax.
The rules have been amended to:
The Finance Bill includes revised legislation to deal with the implications of IFRS 16 on tax. Companies with a December year-end now have very little time to take the following key actions:
The Finance Bill includes enabling legislation to allow the government to implement amendments to the EU Directive on mandatory automatic exchange of information. In effect, this clause allows for the introduction of the EU Mandatory Disclosure (DAC6) rules that could be implemented via secondary legislation during 2019. The clause also gives the flexibility to enact recommendations of the OECD regarding mandatory disclosure rules for common reporting standard avoidance arrangements and opaque offshore structures.
Read a November 2018 report prepared by the KPMG member firm in the UK
Read more KPMG reports about HMRC consultations published with the Finance Bill 2018-19 or other legislation:
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