Finance Bill 2021/22, which legislates for the tax changes announced by the Chancellor in last month’s Autumn Budget 2021, was published last week together with explanatory notes which includes details of the tax measures and their implementation dates. Second reading in the House of Commons is expected to take place next week.
The Government’s response to the consultation on basis period reform, which the Autumn Budget confirmed is proceeding to move to a tax year basis from April 2024 (2023/2024 will be a transitional year) was also published.
Implementation of the changes had already been delayed a year as recommended by the Institute in both its response to the original consultation and a letter to the Financial Secretary to the Treasury (“FST”). The Institute recently wrote again to the FST and submitted evidence to the House of Lords Finance Bill Sub-Committee in relation to these changes.
LOADING...