Finance Bill 2019 update

Jan 14, 2019

Finance Bill 2019 has been continuing its progress through parliament. A summary of the Bill’s passage to date has been published.

Discussion of the Bill at the Public Bill Committee ended on 11 December 2018, and the Government then tabled further amendments with associated explanatory notes before Christmas.

The main amendments relate to the tax treatment of intangible fixed assets, specifically de-grouping relief and deductions for goodwill and similar intangibles. An amendment relating to the entrepreneurs’ relief definition of personal company was also tabled.

The Finance Bill report stage took place last week. The Bill then moved to its third reading in the House of Commons with the conclusion of report stage and third reading on 8 January 2019.

All Government amendments tabled before Christmas were agreed to. Interestingly, two opposition amendments were also agreed to by a vote of the house which relate to legislating in consequence of EU withdrawal.

No further amendments to the Finance Bill can now be made before Royal Assent. Therefore the Bill has therefore been ‘substantively enacted’ for the purposes of UK GAAP. The timing of the Bill’s passage through the House of Lords and Royal Assent has not yet been confirmed.