Tax measures safeguarded in Part 8 of new Brexit Omnibus Bill

Sep 14, 2020

Amendments to income tax, capital tax, corporation tax and stamp duty legislation are reflected in Part 8 of the new Brexit Omnibus Bill.  These measures aim to ensure continuity of reliefs and allowances, as well as the retention of anti-avoidance provisions, in the aftermath of the transition period. The Bill also provides for the introduction of postponed accounting for VAT to alleviate cash flow impacts for business, and anti-avoidance amendments to Section 56 VAT relief authorisations.

This new Brexit Omnibus Bill provides legislation to underpin the Government’s readiness measures at the end of the transition period. The Bill is intended to be consistent with and complementary to the steps underway at EU level to prepare for the UK’s withdrawal. The Bill may be updated or adjusted further in light of ongoing developments, including developments in Future Partnership Negotiations, any EU legislative measures which may be agreed, and any additional measures taken collectively by the EU27 Member States, including Ireland.